In the Fort Worth, TX market, closings of new homes rose year-over-year in June, but with a less pronounced percentage boost than May 2016, there are suggestions of market stabilization. There was a 4.9% jump in new home closings from a year earlier. This was after the housing market saw a 25.6% jump year-over-year in May.
A total of 24,526 new homes were sold during the 12 months that ended in June, up from 24,425 for the year that ended in May.
New home closings made up 14.7% of overall housing closings. This is a gain from 13.4% of closings a year earlier. Following a year-over-year rise in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $356,887 per unit in June, up 2.0%from a year earlier. This rise compares to a 1.1% fall in May from a year earlier.
Average mortgage size on new homes gained year-over-year along with new home prices. In June 2016, the average mortgage size was $302,634, up 1.1% from a year earlier. Average mortgage size went from $297,792 in May 2015 to $297,275 in May 2016.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 95.9% of new home closings to 95.3% of closings while attached units have gone from 4.1% of closings to 4.7% of closings.
The average unit size of newly sold homes remained steady year-over-year at 3,123 square feet in June 2016. In May, the average size of new homes sold went from 3,031 square feet a year earlier to 3,153 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 10.6% of existing home closings, down from 12.1% a year earlier. The percentage of existing home closings involving foreclosures went from 5.8% in June 2015 to 5.4% in June 2016 and REO closings as a percentage of existing home closings fell to 5.2% from 6.3% a year earlier.
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