New home closings fell year-over-year in April in the Abilene, TX market, but the decline was less than the year-over-year decline in March. New home closings moved from 14 a year earlier to 3 after the figure moved from 12 in March 2015 to none in March 2016.
New home closings were 3 out of the 264 total closings, down on a percentage basis from 14 of 280 a year earlier. After rising year-over-year in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $170,391, down from $207,793 a year earlier. This followed a.
The average mortgage size moved to $150,287, down from last year's $190,941.
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 1,851 square feet a year earlier to 2,350 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.4% of closings, below 16.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.1% in April from 9.8% a year earlier and REO closings moved from 6.8% of existing home closings in April 2015 to 7.3% in April 2016.