In the Tyler, TX market, new home closings declined year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 15 a year earlier to 9 after the figure moved from 18 in May 2015 to 6 in May 2016.
A total of 92 new homes were sold during the 12 months that ended in June, down from 98 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 2.1% from 3.4% a year earlier. For new and existing homes, closings declined in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $228,864, down from last year's $270,175. This came after a 26.7% drop in May from a year earlier.
Average mortgage size on new homes fell from $228,608 to $202,278. Average mortgage size on new homes went from $192,877 in May 2015 to $137,720 in May 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 June 2016.
The average unit size of newly sold homes fell from 2,113 square feet a year earlier to 1,829 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 9.7% of existing home closings, below 11.4% a year earlier. The percentage of existing home closings involving foreclosures went from 4.9% in June 2015 to 5.1% in June 2016 and REO closings as a percentage of existing home closings slid to 4.6% from 6.5% a year earlier.