New home closings in the Wichita Falls, TX market fell year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 1 a year earlier to none after the figure moved from 3 in April 2015 to 1 in April 2016.
New home closings were none out of the 40 total closings, a move on a percentage basis from 1 of 302 a year earlier. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 17.5% of existing home closings, down from 20.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.0% in May from 8.6% a year earlier and REO closings moved from 11.6% of existing home closings in May 2015 to 12.5% in May 2016.