In the Fort Worth, TX market, new home closings increased year-over-year in April, but as the percentage gained less than March 2016, the market seemed to show signs of leveling. There was a 6.9% boost in new home closings from a year earlier. This was after the housing market saw a 27.0% boost year-over-year in March.
A total of 23,872 new homes were sold during the 12 months that ended in April, up from 23,743 for the year that ended in March.
New home closings accounted for 15.4% of overall housing closings. This marks a rise from 13.4% of total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes climbed year-over-year to $344,571 in April, up 3.9% from last year. This hike is an improvement over the 2.5% lift in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2016, average mortgage size climbed 4.8% from a year earlier to $296,989. In March 2016, average mortgage size rose 2.0% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 96.4% of new home closings to 96.1% of closings while attached units have gone from 3.6% of closings to 3.9% of closings.
For all new homes sold, the average unit size grew 5.9% year-over-year to 3,115 square feet in April 2016. An increase was also seen in March 2016 when the average size of new homes sold climbed 4.4% to 3,054 square feet. In March, the average size of new homes sold went from 2,926 square feet a year earlier to 3,054 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 11.6% of existing closings, lower than 15.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.9% in April from 7.0% a year earlier while REO closings as a percentage of existing home closings declined to 5.7% from 8.6% a year earlier.