The Midland, TX market saw a drop in new home closings year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 40 a year earlier to 2 after the figure moved from 62 in March 2015 to 2 in March 2016.
A total of 125 new homes were sold during the 12 months that ended in April, down from 163 for the year that ended in March.
New home closings were 2 out of the 204 total closings, down on a percentage basis from 40 of 247 a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $278,729, down from $303,960 a year earlier. This came after a 15.3% rise in March year-over-year.
The average mortgage size went down to $243,194 from $265,134 a year earlier. Average mortgage size on new homes went from $267,294 in March 2015 to $272,500 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
There was a move in the average unit size of newly sold homes from 2,324 square feet in April 2015 to 2,331 square feet in April 2016.
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. Out of all existing home closings, foreclosures combined with REO closings made up 11.9% of closings, below 12.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.9% in April from 6.8% a year earlier while REO closings as a percentage of existing home closings sank to 4.0% from 5.8% a year earlier.