In the Wichita Falls, TX market, closings of new homes declined year-over-year in March, falling after remaining level in February from the year earlier. Closings stood at 0 in March after being 6 a year earlier and remaining unchanged at 1 in February from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to no part from 2.2% a year earlier. For new and existing homes, closings declined in March after also declining in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for a quarter of existing home closings, below 31.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.0% in March from 15.9% a year earlier while REO closings as a percentage of existing home closings dropped to 13.0% from 15.5% a year earlier.