In the Amarillo, TX market, closings of new homes sank year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 23 a year earlier to 5 after the figure moved from 28 in January 2015 to 4 in January 2016.
A total of 177 new homes were sold during the 12 months that ended in February, down from 195 for the year that ended in January.
Last year, 23 of 410 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 379 total closings. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $253,450, down from last year's $269,933. This was on the heels of a 52.4% rise in January year-over-year.
The average mortgage size went down to $202,760 from $228,292 a year earlier. Average mortgage size on new homes went from $267,419 in January 2015 to $386,599 in January 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,315 square feet a year earlier to 1,734 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 13.6% of existing home closings, down from 18.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.0% in February from 10.3% a year earlier while REO closings as a percentage of existing home closings fell to 6.7% from 8.5% a year earlier.