In June, there was a decline year-over-year in new home closings in the Wichita Falls, TX market, declining after staying relatively stable in May from the year earlier. Closings stood at 0 in June after being 7 a year earlier and remaining unchanged at 1 in May from a year earlier.
New home closings were none out of the 148 total closings, down on a percentage basis from 7 of 288 a year earlier. Following a year-over-year decline in May, closings of new and existing homes also sank year-over-year in June.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 2,390 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 20.9% of existing closings, lower than 22.4% a year earlier. The percentage of existing home closings involving foreclosures went from 10.7% in June 2015 to 10.8% in June 2016 and REO closings as a percentage of existing home closings slid to 10.1% from 11.7% a year earlier.