In the Odessa, TX market, closings of new homes declined year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 32 a year earlier to 13 after the figure moved from 32 in July 2014 to 8 in July 2015.
A total of 189 new homes were sold during the 12 months that ended in August, down from 208 for the year that ended in July.
Last year, 32 of 217 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 146 total closings. Following a year-over-year decline in July, closings of new and existing homes also slid year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of new homes was $215,057, compared with $217,423 last year. This was on the heels of a 13.1% boost in July year-over-year.
Average mortgage size on new homes moved from $205,676 to $204,723. Average mortgage size on new homes went from $232,662 in July 2014 to $271,249 in July 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,042 square feet a year earlier to 2,110 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.5% of closings, below 14.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.5% in August from 5.9% a year earlier while REO closings as a percentage of existing home closings slid to 6.0% from 8.6% a year earlier.