In May, the Amarillo, TX market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the April 2016. New home closings moved from 32 a year earlier to 1 after the figure moved from 38 in April 2015 to 6 in April 2016.
A total of 95 new homes were sold during the 12 months that ended in May, down from 126 for the year that ended in April.
New home closings were 5.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 373 total closings. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,709 square feet a year earlier to 2,162 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 11.0% of closings, below 15.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.8% in May from 8.2% a year earlier while REO closings as a percentage of existing home closings dropped to 6.2% from 7.2% a year earlier.