In the Victoria, TX market, closings of new homes sank year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 9 a year earlier to 1 after the figure moved from 10 in March 2015 to none in March 2016.
On a percentage basis, new home closings as a part of total closings decreased to 0.5% from 5.6% a year earlier. After remaining steady in March from a year earlier, closings of new and existing homes gained in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $403,005 from $235,853 a year ago. This came after a.
Average mortgage size on new homes went from $197,776 a year earlier to $322,404.
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 rose in April from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 12.2% of existing home closings, higher than 9.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.4% in April from 5.2% a year earlier while REO closings as a percentage of existing home closings slid to 2.8% from 3.9% a year earlier.