In April, the Sherman, TX market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 18 a year earlier to 13 after the figure moved from 14 in March 2015 to 12 in March 2016.
A total of 151 new homes were sold during the 12 months that ended in April, down from 156 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 4.2% from 6.3% a year earlier. After staying stable in March from a year earlier, closings of new and existing homes grew in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $181,902, compared with $229,434 last year. This was on the heels of a 12.5% fall in March from a year earlier.
Average mortgage size on new homes fell from $208,426 to $157,975. Average mortgage size on new homes went from $203,706 in March 2015 to $187,158 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.
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. Together, foreclosures plus REO closings accounted for 16.3% of existing home closings, down from 20.4% a year earlier. The percentage of existing home closings involving foreclosures went from 8.6% in April 2015 to 9.2% in April 2016 and REO closings as a percentage of existing home closings dropped to 7.1% from 11.9% a year earlier.