In the Wichita Falls, TX market in January, closings of new homes slid year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 4 a year earlier to none after the figure moved from 4 in December 2014 to 2 in December 2015.
Last year, 4 of 194 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 210 total closings. For new and existing homes, closings grew year-over-year in January after also increasing in December year-over-year.
Other Market Trends
There were no new home closings in January 2016, but average size of newly sold homes was 2,476 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 22.4% of existing home closings, below 33.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.3% in January from 17.9% a year earlier while REO closings as a percentage of existing home closings dropped to 9.0% from 15.3% a year earlier.