New home closings in the Tyler, TX market fell year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 11 a year earlier to 3 after the figure moved from 9 in March 2015 to 2 in March 2016.
A total of 87 new homes were sold during the 12 months that ended in April, down from 95 for the year that ended in March.
Last year, 11 of 340 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 334 total closings. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $159,730 last year to $279,150. This was on the heels of a 13.8% decline in March from a year earlier.
Average mortgage size on new homes went from $144,392 a year earlier to $223,320. Average mortgage size on new homes went from $248,105 in March 2015 to $230,981 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 10.3% of existing closings, lower than 16.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.5% in April from 7.9% a year earlier while REO closings as a percentage of existing home closings sank to 5.7% from 8.8% a year earlier.