In the Fort Worth, TX market in August, new home closings climbed year-over-year, but there were signs of market leveling as the percentage bump was less than July 2015. There was a 8.6% boost in new home closings from a year earlier. This followed a 9.4% jump year-over-year in July.
A total of 20,997 new homes were sold during the 12 months that ended in August, up from 20,844 for the year that ended in July.
New home closings made up 13.5% of overall housing closings. As a part of the whole, new home closings were 12.6% a year earlier. Closings of new and existing homes grew year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
In August, the average value of new homes saw a 5.8% surge year-over-year as it grew to $332,488 per unit. This lift is higher than the 4.9% bump in July year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. In August 2015, the average mortgage size was $286,587, up 6.6% from a year earlier. In July 2015, average mortgage size on newly sold homes saw a 5.2% rise year-over-year from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 97.2% of new home closings to 97.5% of closings while attached units have gone from 2.8% of closings to 2.5% of closings.
The average unit size of newly sold homes increased 8.2% year-over-year to 3,127 square feet in August 2015. In July, the average size of new homes sold went from 2,917 square feet a year earlier to 3,083 square feet. An increase in both the average size and price of newly sold homes was also seen in July 2015 when the average size grew 5.7% to 3,083 square feet.
Foreclosures and real estate owned (REO) closings continued to decline 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 11.1% of closings, below 15.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.3% in August from 7.5% a year earlier while REO closings as a percentage of existing home closings dropped to 5.8% from 8.0% a year earlier.