In the Abilene, TX market in April, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 14 a year earlier to 3 after the figure moved from 12 in March 2015 to none in March 2016.
New home closings represented 3 out of the 264 total closings, which is a smaller percentage than the 14 of 280 total closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $170,391, compared with $207,793 last year. This followed a.
The average mortgage size went down to $150,287 from $190,941 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 April 2016.
The average unit size of newly sold homes rose from 1,851 square feet a year earlier to 2,350 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 13.4% of existing home closings, down from 16.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.1% in April from 9.8% a year earlier and REO closings moved from 6.8% of existing home closings in April 2015 to 7.3% in April 2016.