In the College Station, TX market in April, closings of new homes slid year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 34 a year earlier to 14 after the figure moved from 39 in March 2015 to 26 in March 2016.
A total of 301 new homes were sold during the 12 months that ended in April, down from 321 for the year that ended in March.
Last year, 34 of 434 total closings were new homes, and this percentage saw a decline as new home closings this year made up 14 of the 323 total closings. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $295,851, an increase from $282,887 a year earlier. This came after a 9.3% boost in March year-over-year.
Average mortgage size on new homes moved from $244,173 to $245,257. Average mortgage size climbed 5.8% in March 2016 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,222 square feet a year earlier to 2,037 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 5.5% of existing closings, lower than 6.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.2% in April from 2.0% a year earlier while REO closings as a percentage of existing home closings slid to 2.3% from 4.5% a year earlier.