The Victoria, TX market saw a drop in new home closings year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 9 a year earlier to 1 after the figure moved from 10 in March 2015 to none in March 2016.
Last year, 9 of 162 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 182 total closings. After remaining steady in March from a year earlier, closings of new and existing homes rose in April.
Pricing and Mortgage Trends
The average price of new homes rose to $403,005 from last year's $235,853. This came after a.
Average mortgage size on new homes increased to $322,404 from $197,776 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 12.2% of existing home closings, higher than 9.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.4% in April from 5.2% a year earlier while REO closings as a percentage of existing home closings fell to 2.8% from 3.9% a year earlier.