In June, there was a fall year-over-year in new home closings in the Abilene, TX market, and the decline was by a larger percentage than the May 2016. New home closings moved from 11 a year earlier to none after the figure moved from 6 in May 2015 to 2 in May 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 3.3% a year earlier. For new and existing homes, closings declined in June after also declining in May year-over-year.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 2,075 a year earlier.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 15.0% of existing home closings, up from 13.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.3% in June from 7.1% a year earlier and REO closings moved from 6.5% of existing home closings in June 2015 to 5.6% in June 2016.