Closings of new homes dropped year-over-year in September in the Odessa, TX market, but the decline was less than the year-over-year decline in August. New home closings moved from 17 a year earlier to 14 after the figure moved from 32 in August 2014 to 13 in August 2015.
A total of 200 new homes were sold during the 12 months that ended in September, down from 203 for the year that ended in August.
New home closings represented 14 out of the 177 total closings, which is a smaller percentage than the 17 of 164 total closings a year earlier. After dropping in August from a year earlier, closings of new and existing homes increased year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $217,855, down from $252,730 a year earlier. This came after a 1.1% decline in August from a year earlier.
The average mortgage size moved to $203,438, down from last year's $224,069. It went from $205,676 to $204,723 from August 2014 to August 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 2,012 square feet a year earlier to 2,076 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.0% of closings, below 15.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.4% in September from 8.2% a year earlier while REO closings as a percentage of existing home closings slid to 0.6% from 7.5% a year earlier.