In July, the Wichita Falls, TX market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the June 2016. New home closings moved from 3 a year earlier to 1 after the figure moved from 7 in June 2015 to 3 in June 2016.
New home closings were 1 out of 36 total closings, making up 2.8%. This is up on a percentage basis from 3 of 329 a year earlier. Closings of new and existing homes declined year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $264,810, down from last year's $276,783. This came after a 76.3% decline in June from a year earlier.
The average mortgage size went down to $211,848 from $245,367 a year earlier. Average mortgage size on new homes went from $241,312 in June 2015 to $54,672 in June 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 17.1% of existing home closings, down from 20.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.7% in July from 9.8% a year earlier and REO closings moved from 10.7% of existing home closings in July 2015 to 11.4% in July 2016.