In September, the Sherman, TX market saw a drop year-over-year in new home closings, sliding after a growth in August 2015. New home closings moved from 15 a year earlier to 8 after the figure moved from 12 in August 2014 to 13 in August 2015.
A total of 151 new homes were sold during the 12 months that ended in September, down from 158 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 2.2% from 5.8% a year earlier. Closings of new and existing homes jumped year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $284,366 from last year's $208,183. This came after a 23.1% surge in August year-over-year.
The average mortgage size on new homes was $234,442, up from $189,934. Average mortgage size on new homes went from $197,800 in August 2014 to $220,493 in August 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 September 2015.
The average unit size of newly sold homes fell from 2,176 square feet a year earlier to 1,552 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 11.7% of existing home closings, down from 24.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.0% in September from 10.6% a year earlier while REO closings as a percentage of existing home closings slid to 5.7% from 13.9% a year earlier.