In April, there was a drop year-over-year in new home closings in the Amarillo, TX market, and the decline was by a larger percentage than the March 2016. New home closings moved from 38 a year earlier to 6 after the figure moved from 27 in March 2015 to 7 in March 2016.
A total of 126 new homes were sold during the 12 months that ended in April, down from 158 for the year that ended in March.
Last year, 38 of 620 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 525 total closings. Following a year-over-year decline in March, closings of new and existing homes also dropped year-over-year in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $338,929 from $251,634 a year ago. This came after a 34.0% surge in March year-over-year.
Average mortgage size on new homes increased to $283,584 from $213,158 last year. Average mortgage size on new homes went from $202,578 in March 2015 to $252,418 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.
The average unit size of newly sold homes rose from 2,379 square feet a year earlier to 2,862 square feet.
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 12.7% of existing closings, lower than 18.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.7% in April from 10.0% a year earlier while REO closings as a percentage of existing home closings declined to 6.0% from 8.1% a year earlier.