New home closings in the Waco, TX market declined year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 28 a year earlier to 14 after the figure moved from 23 in March 2015 to 20 in March 2016.
A total of 279 new homes were sold during the 12 months that ended in April, down from 293 for the year that ended in March.
Last year, 28 of 431 total closings were new homes, and this percentage saw a decline as new home closings this year made up 14 of the 488 total closings. For new and existing homes, closings jumped year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $235,256, down from last year's $320,187. This was on the heels of a 9.2% gain in March year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $267,665 to $208,524. In March 2016, average mortgage size increased 9.6% from a year earlier.
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.
The average unit size of newly sold homes fell from 2,373 square feet a year earlier to 1,349 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 16.5% of closings, below 17.6% a year earlier. The percentage of existing home closings involving foreclosures went from 8.9% in April 2015 to 8.2% in April 2016 and REO closings moved from 8.7% of existing home closings in April 2015 to 8.2% in April 2016.