In the Tyler, TX market, closings of new homes slid year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 9 a year earlier to 2 after the figure moved from 6 in February 2015 to 3 in February 2016.

A total of 95 new homes were sold during the 12 months that ended in March, down from 102 for the year that ended in February.

New home closings were 2 out of the 334 total closings, down on a percentage basis from 9 of 362 a year earlier. After rising year-over-year in February, closings of new and existing homes fell year-over-year in March.

Pricing and Mortgage Trends

The average per-unit price of new homes was $259,211, compared with $300,806 last year. This followed a 3.5% surge in February year-over-year.

Average mortgage size on newly sold homes saw a decline year-over-year from $248,105 to $230,981. Average mortgage size on new homes went from $224,761 in February 2015 to $229,708 in February 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 March 2016.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 14.5% of existing home closings, below 15.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.7% in March from 7.1% a year earlier and REO closings moved from 8.5% of existing home closings in March 2015 to 8.7% in March 2016.

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