Closings of new homes declined year-over-year in July in the Waco, TX market, curving down after an increase in June 2015. Closings slumped 9.1% from a year earlier to 30. This followed a 9.7% rise year-over-year in June.
A total of 295 new homes were sold during the 12 months that ended in July, down from 298 for the year that ended in June.
As a percentage of overall housing closings, new home closings represented 5.8%. This is down from the a year earlier when new home closings represented 6.9% of total closings. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
In July, there was a 2.7% lift year-over-year in the average price of newly sold homes, reaching $190,832 per unit. This bump compares to a 4.7% fall in June from a year earlier.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In July 2015, the average mortgage size on newly sold homes saw a 6.7% rise from a year earlier. Average mortgage size went from $184,745 in June 2014 to $185,942 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
There was a move in the average unit size of newly sold homes from 1,975 square feet in July 2014 to 1,978 square feet in July 2015. In June 2015, the average size of newly sold homes grew 3.3% from the year earlier. In June, the average size of new homes sold went from 2,103 square feet a year earlier to 2,173 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 18.1% of existing home closings, down from 18.8% a year earlier. The percentage of existing home closings involving foreclosures went from 9.6% in July 2014 to 9.2% in July 2015 and REO closings moved from 9.2% of existing home closings in July 2014 to 9.0% in July 2015.