In July, the Tyler, TX market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in June. New home closings moved from 13 a year earlier to 9 after the figure moved from 15 in June 2015 to 9 in June 2016.
A total of 88 new homes were sold during the 12 months that ended in July, down from 92 for the year that ended in June.
New home closings were 9 out of the 356 total closings, a move on a percentage basis from 13 of 402 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also fell year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $174,008, compared with $251,816 last year. This came after a 15.3% drop in June from a year earlier.
There was a decline in average mortgage size on new homes, going from $201,445 last year to $149,079 in July 2016. Average mortgage size on new homes went from $228,608 in June 2015 to $202,278 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.
The average unit size of newly sold homes fell from 2,566 square feet a year earlier to 1,953 square feet.
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. Out of all existing home closings, foreclosures combined with REO closings represented 10.4% of closings, below 12.3% a year earlier. The percentage of existing home closings involving foreclosures went from 4.4% in July 2015 to 3.5% in July 2016 and REO closings as a percentage of existing home closings fell to 6.9% from 8.0% a year earlier.