In the Tyler, TX market in August, closings of new homes declined year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 9 a year earlier to 3 after the figure moved from 14 in July 2014 to 6 in July 2015.
A total of 124 new homes were sold during the 12 months that ended in August, down from 130 for the year that ended in July.
New home closings represented 3 out of the 353 total closings, which is a smaller percentage than the 9 of 344 total closings a year earlier. After remaining steady in July from a year earlier, closings of new and existing homes gained in August.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $215,208 from $205,750 a year ago. This followed a 3.7% hike in July year-over-year.
There was a decline in average mortgage size on new homes, going from $176,423 last year to $172,167 in August 2015. Average mortgage size on new homes went from $191,673 in July 2014 to $188,563 in July 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 August 2015.
The average unit size of newly sold homes rose from 2,023 square feet a year earlier to 2,101 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 8.0% of closings, below 14.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.7% in August from 8.1% a year earlier while REO closings as a percentage of existing home closings dropped to 4.3% from 6.3% a year earlier.