In the Amarillo, TX market in June, closings of new homes declined year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 18 a year earlier to none after the figure moved from 32 in May 2015 to 1 in May 2016.
New home closings were 3.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 222 total closings. Following a year-over-year decline in May, closings of new and existing homes also sank year-over-year in June.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 2,549 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 15.3% of existing closings, lower than 16.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.3% in June from 8.6% a year earlier while REO closings as a percentage of existing home closings increased to 9.0% from 7.9%.