Closings of new homes slid year-over-year in April in the Killeen, TX market, but there were signals the market may be leveling out with a percentage fall less steep as in March 2016. Closings slumped 1.4% from a year earlier to 136. This was after the housing market saw a 2.0% drop year-over-year in March.
A total of 1,553 new homes were sold during the 12 months that ended in April, down from 1,555 for the year that ended in March.
As a percentage of total closings, new home closings accounted for 18.7%, unchanged from a year ago. Following a year-over-year increase in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 5.2% in April to $206,995 per unit. This lift compares to a 1.1% drop in March from a year earlier.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. Average mortgage size gained 6.6% to $203,076 in April from a year earlier. It went from $193,079 to $194,934 from March 2015 to March 2016.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 99.3% of new home closings to all of closings while attached units have gone from 0.7% of closings to no part of closings.
For all new homes sold, the average unit size rose 13.1% year-over-year to 2,469 square feet in April 2016. In March, the average size of new homes sold went from 2,204 square feet a year earlier to 2,264 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 22.3% of existing closings, lower than 32.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.9% in April from 18.7% a year earlier while REO closings as a percentage of existing home closings fell to 12.3% from 14.0% a year earlier.