In the Sherman, TX market in March, closings of new homes declined year-over-year, sliding after a growth in February 2016. New home closings moved from 14 a year earlier to 12 after the figure moved from 18 in February 2015 to 22 in February 2016.
A total of 156 new homes were sold during the 12 months that ended in March, down from 158 for the year that ended in February.
12 of the 286 total closings were new home closings, a shift on a percentage basis from 14 out of 299 a year earlier. Following a year-over-year increase in February, closings of new and existing homes dropped year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $198,527, down from $226,876 a year earlier. This followed a 13.9% rise in February year-over-year.
There was a decline in average mortgage size on new homes, going from $203,706 last year to $187,158 in March 2016. In February 2016, average mortgage size on newly sold homes saw a 18.0% bump year-over-year 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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 11.3% of existing home closings, below 21.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.1% in March from 10.2% a year earlier while REO closings as a percentage of existing home closings sank to 6.2% from 11.2% a year earlier.