Closings of new homes slid year-over-year in April in the Abilene, TX market, but the decline was less than the year-over-year decline in March. New home closings moved from 14 a year earlier to 3 after the figure moved from 12 in March 2015 to none in March 2016.
New home closings represented 3 out of the 264 total closings, which is a smaller percentage than the 14 of 280 total closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $170,391, compared with $207,793 last year. This was on the heels of a.
The average mortgage size went down to $150,287 from $190,941 a year earlier.
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.
The average unit size of newly sold homes rose from 1,851 square feet a year earlier to 2,350 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 13.4% of existing closings, lower than 16.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.1% in April from 9.8% a year earlier and REO closings moved from 6.8% of existing home closings in April 2015 to 7.3% in April 2016.