New home closings in the Amarillo, TX market fell year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 18 a year earlier to none after the figure moved from 32 in May 2015 to 1 in May 2016.
New home closings were 3.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 222 total closings. Closings of new and existing homes fell year-over-year in June after also falling in May year-over-year.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 2,549 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.3% of existing closings, lower than 16.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.3% in June from 8.6% a year earlier while REO closings as a percentage of existing home closings grew to 9.0% from 7.9%.