New home closings sank year-over-year in March in the Victoria, TX market, and the decline was by a larger percentage than the February 2016. New home closings moved from 10 a year earlier to none after the figure moved from 8 in February 2015 to 3 in February 2016.
New home closings represented none out of the 161 total closings, which is a smaller percentage than the 10 of 161 total closings a year earlier. Closings of new and existing homes remained steady in March after falling in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 9.9% of existing home closings, below 10.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.3% in March from 2.6% a year earlier while REO closings as a percentage of existing home closings slid to 5.6% from 7.9% a year earlier.