In April, there was a fall year-over-year in new home closings in the Tyler, TX market, but the decline was less than the year-over-year decline in March. New home closings moved from 11 a year earlier to 3 after the figure moved from 9 in March 2015 to 2 in March 2016.
A total of 87 new homes were sold during the 12 months that ended in April, down from 95 for the year that ended in March.
New home closings were 3 out of the 334 total closings, down on a percentage basis from 11 of 340 a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $159,730 last year to $279,150. This was on the heels of a 13.8% drop in March from a year earlier.
From the year-ago figure of $144,392, the average mortgage size on new homes moved up to $223,320. Average mortgage size on new homes went from $248,105 in March 2015 to $230,981 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.
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 10.3% of closings, below 16.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.5% in April from 7.9% a year earlier while REO closings as a percentage of existing home closings declined to 5.7% from 8.8% a year earlier.