In March, there was a fall year-over-year in new home closings in the Waco, TX market, but with a percentage fall not as steep as February 2016, there are signs that the market may be leveling out. There was a 13.0% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 25.0% fall year-over-year in February.
A total of 293 new homes were sold during the 12 months that ended in March, down from 296 for the year that ended in February.
Out of all housing closings, new home closings made up 4.3%. A year earlier, new home closings accounted for 5.2% of total closings. Closings of new and existing homes grew year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price jumped 9.2% year-over-year in March to $206,181 per unit. This boost compares to a 9.7% fall in February from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In March 2016, the average mortgage size on newly sold homes saw a 9.6% surge from a year earlier. In February 2016, average mortgage size sank 11.1% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
There was a 17.6% fall year-over-year in the average unit size of newly sold homes to 1,623 square feet in March 2016. In February, the average size of new homes sold went from 2,120 square feet a year earlier to 1,802 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 15.9% of existing closings, lower than 21.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.2% in March from 7.9% a year earlier while REO closings as a percentage of existing home closings declined to 5.7% from 13.4% a year earlier.