In March, 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 February 2016. New home closings moved from 12 a year earlier to none after the figure moved from 18 in February 2015 to 1 in February 2016.
New home closings represented none out of the 267 total closings, which is a smaller percentage than the 12 of 255 total closings a year earlier. Following a fall in February year-over-year, closings of new and existing homes rose year-over-year in March.
Other Market Trends
There were no new home closings in March 2016, but average size of newly sold homes was 1,991 a year earlier.
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 16.1% of existing home closings, up from 10.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.0% in March from 4.9% a year earlier while REO closings as a percentage of existing home closings grew to 7.1% from 5.3%.