New home closings declined year-over-year in July in the Amarillo, TX market, but the decline was less than the year-over-year decline in June. New home closings moved from 16 a year earlier to 1 after the figure moved from 19 in June 2015 to 1 in June 2016.
A total of 63 new homes were sold during the 12 months that ended in July, down from 78 for the year that ended in June.
New home closings were 2.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 177 total closings. For new and existing homes, closings fell in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $192,375, down from $248,771 a year earlier. This followed a 57.3% decline in June from a year earlier.
There was a decline in average mortgage size on new homes, going from $215,469 last year to $153,900 in July 2016. Average mortgage size on new homes went from $252,400 in June 2015 to $128,627 in June 2016.
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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 11.4% of existing home closings, below 14.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.1% in July from 7.3% a year earlier and REO closings moved from 6.7% of existing home closings in July 2015 to 6.2% in July 2016.