In March, closings of new homes in the Fort Worth, TX market gained year-over-year, and the percentage hike that was sharper than February 2016 seems to indicate improving market conditions. New home closings saw a climb of 25.2% from the year earlier to 2,402. This came on the heels of a 24.7% rise year-over-year in February.
A total of 23,666 new homes were sold during the 12 months that ended in March, up from 23,183 for the year that ended in February.
Of 13,594 total closings, 2,402 were of new homes. This is an increase on a percentage basis, as new home closings were 15.3% of total closings a year ago. Closings of new and existing homes rose year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year 2.4% in March to $338,987 per unit. This boost is better than the 1.2% lift in February year-over-year.
Average mortgage size on new homes climbed year-over-year along with new home prices. It rose 1.9% in March from a year earlier to $290,734. It went from $284,377 to $287,036 from February 2015 to February 2016.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 96.5% of new home closings to 95.6% of closings while attached units have gone from 3.5% of closings to 4.4% of closings.
There was a 4.1% hike year-over-year in the average unit size of newly sold homes to 3,047 square feet in March 2016. The average size of newly sold homes moved from 2,902 square feet in February 2015 to 3,079 square feet in February 2016. An increase was also seen in February 2016 when the average size of new homes sold rose 6.1% to 3,079 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 12.1% of closings, below 14.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.8% in March from 7.1% a year earlier while REO closings as a percentage of existing home closings dropped to 6.3% from 7.8% a year earlier.