In the Midland, TX market in July, new home closings declined year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 7 a year earlier to 2 after the figure moved from 17 in June 2014 to 3 in June 2015.
Last year, 7 of 343 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 281 total closings. For new and existing homes, closings declined in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $398,732 from last year's $302,852. This was on the heels of a 13.5% rise in June year-over-year.
Average mortgage size on new homes increased to $333,596 from $279,792 last year. Average mortgage size on new homes went from $319,172 in June 2014 to $341,021 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.
The average unit size of newly sold homes fell from 2,177 square feet a year earlier to 1,635 square feet.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 8.2% of existing home closings, higher than 6.2% a year earlier. The percentage of existing home closings involving foreclosures went from 3.9% in July 2014 to 4.7% in July 2015 and REO closings as a percentage of existing home closings grew to 3.6% from 2.4%.