New home closings in the Amarillo, TX market sank year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 27 a year earlier to 3 after the figure moved from 22 in December 2014 to 3 in December 2015.

A total of 193 new homes were sold during the 12 months that ended in January, down from 217 for the year that ended in December.

New home closings were 3 out of the 371 total closings, down on a percentage basis from 27 of 388 a year earlier. For new and existing homes, closings sank in January after also declining in December year-over-year.

Pricing and Mortgage Trends

The average new home price was $251,748, down from $297,869 a year earlier. This came after a 16.9% drop in December from a year earlier.

Average mortgage size on new homes fell from $265,824 to $232,132. Average mortgage size on new homes went from $230,256 in December 2014 to $190,097 in December 2015.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.

The average unit size of newly sold homes fell from 2,525 square feet a year earlier to 2,151 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 22.3% of existing home closings, below 24.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.8% in January from 11.4% a year earlier while REO closings as a percentage of existing home closings dropped to 9.5% from 12.7% a year earlier.

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