In June, closings of new homes in the Fort Worth, TX market grew year-over-year, but the percentage edged up less than May 2016, suggesting the market may be leveling out. Closings climbed 4.9% from a year earlier to 2,172. This was after the housing market saw a 25.6% hike year-over-year in May.
A total of 24,526 new homes were sold during the 12 months that ended in June, up from 24,425 for the year that ended in May.
New home closings represented 14.7% of overall housing closings. This marks a rise from 13.4% of total closings a year earlier. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $356,887 per unit in June, up 2.0%from a year earlier. This bump compares to a 1.1% fall in May from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $302,634 in June, marking a 1.1% lift compared with a year earlier. Average mortgage size went from $297,792 in May 2015 to $297,275 in May 2016.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 95.9% of new home closings to 95.3% of closings while attached units have gone from 4.1% of closings to 4.7% of closings.
The average unit size of newly sold homes remained steady year-over-year at 3,123 square feet in June 2016. In May, the average size of new homes sold went from 3,031 square feet a year earlier to 3,153 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 10.6% of existing home closings, below 12.1% a year earlier. The percentage of existing home closings involving foreclosures went from 5.8% in June 2015 to 5.4% in June 2016 and REO closings as a percentage of existing home closings fell to 5.2% from 6.3% a year earlier.