In the Lubbock, TX market in April, closings of new homes slid year-over-year, but the percentage fall was not as steep as March 2016, suggesting that the market may be stabilizing. New home closings saw a 45.7% drop from a year earlier to 19. This came after a 69.4% fall year-over-year in March.
A total of 245 new homes were sold during the 12 months that ended in April, down from 261 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 3.2%. This is down from the 5.9% of 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
Average price of newly sold homes had a 2.1% bump year-over-year to $246,787 per unit in April. This rise is smaller than the 5.9% lift in March year-over-year.
For newly sold homes, the average mortgage size saw a bump year-over-year along with new home prices. Average mortgage size climbed 5.0% to $222,011 in April from a year earlier. In March 2016, average mortgage size climbed 6.4% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings increased from 94.3% of new closings in April 2015 to all of closings in April 2016. Conversely, the share of new home closings belonging to attached units declined to no part of closings from 5.7% of closings.
The average unit size of newly sold homes fell 2.9% year-over-year to 2,492 square feet in April 2016. In March, the average size of new homes sold went from 2,038 square feet a year earlier to 3,340 square feet.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 11.4% of existing home closings, up from 10.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.1% in April from 3.9% a year earlier while REO closings as a percentage of existing home closings stayed level at 6.3%.