In the Amarillo, TX market in June, new home closings fell year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 18 a year earlier to none after the figure moved from 32 in May 2015 to 1 in May 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 3.2% a year earlier. Following a year-over-year decline in May, closings of new and existing homes also declined year-over-year in June.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 2,549 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 15.3% of existing home closings, down from 16.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.3% in June from 8.6% a year earlier while REO closings as a percentage of existing home closings gained to 9.0% from 7.9%.