In the Victoria, TX market, closings of new homes fell year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 10 a year earlier to none after the figure moved from 8 in February 2015 to 3 in February 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 6.2% a year earlier. Closings of new and existing homes stayed level after declining in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 9.9% of existing home closings, down from 10.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.3% in March from 2.6% a year earlier while REO closings as a percentage of existing home closings dropped to 5.6% from 7.9% a year earlier.