In the Abilene, TX market, closings of new homes slid year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 6 a year earlier to 2 after the figure moved from 14 in April 2015 to 3 in April 2016.
New home closings represented 2 out of the 268 total closings, which is a smaller percentage than the 6 of 310 total closings a year earlier. For new and existing homes, closings slid in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $195,615, down from $236,707 a year earlier. This followed a 18.0% fall in April from a year earlier.
Average mortgage size on new homes fell from $218,740 to $166,625. Average mortgage size on new homes went from $190,941 in April 2015 to $150,287 in April 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 May 2016.
The average unit size of newly sold homes fell from 2,071 square feet a year earlier to 1,700 square feet.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 12.4% of existing home closings, up from 11.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.5% in May from 5.9% a year earlier while REO closings as a percentage of existing home closings increased to 7.9% from 5.9%.