In August, the Wichita Falls, TX market saw a drop year-over-year in new home closings, dropping after staying level in July. Closings stood at two in August after being five a year earlier and the figure was unchanged at five in July from a year earlier.
A total of 54 new homes were sold during the 12 months that ended in August, down from 57 for the year that ended in July.
New home closings were two out of the 221 total closings, a move on a percentage basis from five of 272 a year earlier. Following a year-over-year increase in July, closings of new and existing homes fell year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2012 was $189,916, down from last year's $231,469. This was on the heels of a 66.1% decline in July from a year earlier.
Average mortgage size on new homes increased to $228,333 from $149,640 last year. Average mortgage size on new homes went from $294,212 in July 2011 to $103,707 in July 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in August 2012. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings remaining level in August from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 23.7% of existing closings, about the same as a year earlier. The percentage of existing home closings involving foreclosures rose to 15.5% in August from 14.2% a year earlier while REO closings as a percentage of existing home closings declined to 8.2% from 10.5% a year earlier.
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