In the Longview, TX market, closings of new homes slid year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 7 a year earlier to 2 after the figure moved from 4 in July 2014 to 1 in July 2015.
Last year, 7 of 255 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 153 total closings. Following a year-over-year rise in July, closings of new and existing homes dropped year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of new homes was $169,389, compared with $293,132 last year. This was on the heels of a 87.6% drop in July from a year earlier.
Average mortgage size on new homes fell from $248,387 to $146,540. Average mortgage size on new homes went from $241,106 in July 2014 to $30,000 in July 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 fell from 2,253 square feet a year earlier to 1,717 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 13.9% of existing home closings, down from 14.1% a year earlier. The percentage of existing home closings involving foreclosures went from 6.9% in August 2014 to 7.3% in August 2015 and REO closings moved from 7.3% of existing home closings in August 2014 to 6.6% in August 2015.