In the Tyler, TX market, new home closings sank year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 18 a year earlier to 3 after the figure moved from 11 in April 2015 to 3 in April 2016.
A total of 72 new homes were sold during the 12 months that ended in May, down from 87 for the year that ended in April.
On a percentage basis, new home closings as a part of total closings decreased to 0.9% from 4.9% a year earlier. Closings of new and existing homes slid year-over-year in May after remaning steady in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $142,654, down from last year's $226,308. This followed a 74.8% gain in April year-over-year.
There was a decline in average mortgage size on new homes, going from $192,877 last year to $126,519 in May 2016. Average mortgage size on new homes went from $144,392 in April 2015 to $223,320 in April 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 May 2016.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 11.3% of existing home closings, higher than 10.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.0% in May from 5.9% a year earlier and REO closings moved from 4.5% of existing home closings in May 2015 to 4.3% in May 2016.