New home closings in the Amarillo, TX market slid year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 38 a year earlier to 6 after the figure moved from 27 in March 2015 to 7 in March 2016.

A total of 126 new homes were sold during the 12 months that ended in April, down from 158 for the year that ended in March.

New home closings represented 6 out of the 525 total closings, which is a smaller percentage than the 38 of 620 total closings a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $338,929 from $251,634 a year ago. This came after a 34.0% gain in March year-over-year.

Average mortgage size on new homes went from $213,158 a year earlier to $283,584. Average mortgage size on new homes went from $202,578 in March 2015 to $252,418 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.

The average unit size of newly sold homes rose from 2,379 square feet a year earlier to 2,862 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 12.7% of existing home closings, below 18.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.7% in April from 10.0% a year earlier while REO closings as a percentage of existing home closings sank to 6.0% from 8.1% a year earlier.

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