There was a rise in closings of new homes in the Fort Worth, TX market in April year-over-year, but the percentage lift was less than March 2016, suggesting the market may be leveling. New home closings saw a rise of 6.9% from the year earlier to 1,988. In comparison, new home closings in the same month last year saw a 27.0% boost year-over-year in March.
A total of 23,872 new homes were sold during the 12 months that ended in April, up from 23,743 for the year that ended in March.
Out of all housing closings, new home closings accounted for 15.4%. This is a lift from 13.4% of closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 3.9% bump year-over-year in April to $344,571 per unit. This hike is an improvement over the 2.5% lift in March year-over-year.
The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. It grew to $296,989 in April, a 4.8% gain. Average mortgage size jumped 2.0% in March 2016 from a year earlier.
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 96.4% of new home closings to 96.1% of closings while attached units have gone from 3.6% of closings to 3.9% of closings.
There was a 5.9% bump year-over-year in the average unit size of newly sold homes to 3,115 square feet in April 2016. An increase was also seen in March 2016 when the average size of new homes sold jumped 4.4% to 3,054 square feet. The average size of newly sold homes moved from 2,926 square feet in March 2015 to 3,054 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 11.6% of existing closings, lower than 15.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.9% in April from 7.0% a year earlier while REO closings as a percentage of existing home closings sank to 5.7% from 8.6% a year earlier.