New home closings in the Tyler, TX market dropped year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 11 a year earlier to none after the figure moved from 14 in June 2014 to 4 in June 2015.
New home closings represented none out of the 298 total closings, which is a smaller percentage than the 11 of 312 total closings a year earlier. Following a year-over-year rise in June, closings of new and existing homes declined year-over-year in July.
Other Market Trends
There were no new home closings in July 2015, but average size of newly sold homes was 1,266 a year earlier.
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. Together, foreclosures plus REO closings represented 12.8% of existing home closings, up from 12.6% a year earlier. The percentage of existing home closings involving foreclosures went from 5.6% in July 2014 to 4.7% in July 2015 and REO closings as a percentage of existing home closings rose to 8.1% from 7.0%.