Closings of new homes declined year-over-year in March in the Longview, TX market, dropping after staying level in February. Closings stood at 1 in March after being 3 a year earlier and remaining unchanged at 2 in February from a year earlier.

New home closings were 1 out of the 154 total closings, a move on a percentage basis from 3 of 259 a year earlier. Closings of new and existing homes sank year-over-year in March after also falling in February year-over-year.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $241,788 from $154,375 a year ago. This came after a 28.1% rise in February year-over-year.

Average mortgage size on new homes went from $126,000 a year earlier to $193,431. Average mortgage size on new homes went from $203,525 in February 2015 to $260,790 in February 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 March 2016.

The average unit size of newly sold homes fell from 1,799 square feet a year earlier to 1,654 square feet.

Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 17.0% of existing home closings, higher than 15.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.5% in March from 7.8% a year earlier while REO closings as a percentage of existing home closings sank to 6.5% from 7.8% a year earlier.

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