In February, the Tyler, TX market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in January. New home closings moved from 6 a year earlier to 3 after the figure moved from 7 in January 2015 to 2 in January 2016.
A total of 95 new homes were sold during the 12 months that ended in February, down from 98 for the year that ended in January.
On a percentage basis, new home closings as a part of total closings decreased to 1.1% from 2.3% a year earlier. After dropping in January from a year earlier, closings of new and existing homes gained year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $274,021 from last year's $264,775. This followed a 38.3% fall in January from a year earlier.
From the year-ago figure of $224,761, the average mortgage size on new homes moved up to $229,708. Average mortgage size on new homes went from $197,933 in January 2015 to $147,283 in January 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 February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 12.3% of existing home closings, below 13.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.8% in February from 7.7% a year earlier while REO closings as a percentage of existing home closings increased to 6.5% from 5.4%.