In the Sherman, TX market, new home closings declined year-over-year in April, 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.
New home closings were 13 out of the 307 total closings, down on a percentage basis from 18 of 287 a year earlier. After staying stable in March from a year earlier, closings of new and existing homes gained in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $181,902, down from last year's $229,434. This was on the heels of a 12.5% drop in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year 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 drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 16.3% of existing closings, lower than 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 sank to 7.1% from 11.9% a year earlier.