In the Midland, TX market in April, closings of new homes sank year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 40 a year earlier to 2 after the figure moved from 62 in March 2015 to 2 in March 2016.
A total of 125 new homes were sold during the 12 months that ended in April, down from 163 for the year that ended in March.
New home closings were 16.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 2 of the 204 total closings. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $278,729, down from last year's $303,960. This followed a 15.3% lift in March year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $265,134 to $243,194. Average mortgage size on new homes went from $267,294 in March 2015 to $272,500 in March 2016.
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.
There was a move in the average unit size of newly sold homes from 2,324 square feet in April 2015 to 2,331 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 11.9% of existing home closings, down from 12.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.9% in April from 6.8% a year earlier while REO closings as a percentage of existing home closings slid to 4.0% from 5.8% a year earlier.