Closings of new homes in the Wichita Falls, TX market remained unchanged year-over-year in February, staying level after a year-over-year decline in January from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 4 in January 2015 to none in January 2016.
1 of the 185 total closings were new home closings, a shift on a percentage basis from 1 out of 254 a year earlier. Following a year-over-year rise in January, closings of new and existing homes sank year-over-year in February.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes fell from 1,837 square feet a year earlier to 944 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 27.2% of existing closings, lower than 32.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.0% in February from 15.4% a year earlier while REO closings as a percentage of existing home closings slid to 14.1% from 17.4% a year earlier.