In the Killeen, TX market in March, new home closings slid year-over-year, but the percentage fall was not as steep as February 2016, suggesting that the market may be leveling out. Closings slid 2.0% from a year earlier to 144. In comparison, new home closings in the same month last year saw a 8.6% decline year-over-year in February.
A total of 1,555 new homes were sold during the 12 months that ended in March, down from 1,558 for the year that ended in February.
Out of all housing closings, new home closings accounted for 18.1%. A year earlier, new home closings made up 18.9% of total closings. Closings of new and existing homes gained in March after staying steady in February from a year earlier.
Pricing and Mortgage Trends
The average price of newly sold homes fell 1.1% year-over-year in March to $200,684 per unit. This fall follows a move from $206,241 per unit to $205,983 from February 2015 to February 2016.
For newly sold homes, average mortgage size moved from $193,079 in March 2015 to $194,934 in March 2016. Average mortgage size went from $199,627 in February 2015 to $200,647 in February 2016.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings rose from 98.0% of new closings in March 2015 to all of closings in March 2016. Meanwhile, attached units as a percentage of all new home closings sank to no part of closings from 2.0% of closings.
The average unit size of newly sold homes grew 2.7% year-over-year to 2,264 square feet in March 2016. In February, the average size of new homes sold went from 2,251 square feet a year earlier to 2,096 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 23.4% of existing home closings, below 39.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.5% in March from 21.0% a year earlier while REO closings as a percentage of existing home closings dropped to 11.9% from 18.4% a year earlier.