In the Victoria, TX market, closings of new homes fell year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 5 a year earlier to none after the figure moved from 9 in April 2015 to 1 in April 2016.
New home closings represented none out of the 156 total closings, which is a smaller percentage than the 5 of 116 total closings a year earlier. For new and existing homes, closings grew year-over-year in May after also increasing in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 14.1% of existing home closings, higher than 4.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.3% in May from 0.9% a year earlier while REO closings as a percentage of existing home closings rose to 5.8% from 3.6%.