In July, the Corpus Christi, TX market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in June. New home closings moved from 42 a year earlier to 5 after the figure moved from 56 in June 2015 to 4 in June 2016.
A total of 169 new homes were sold during the 12 months that ended in July, down from 206 for the year that ended in June.
New home closings were 5 out of the 666 total closings, down on a percentage basis from 42 of 801 a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $314,167 from $269,742 a year ago. This came after a 24.3% decline in June from a year earlier.
Average mortgage size on new homes increased to $261,749 from $245,451 last year. Average mortgage size on new homes went from $246,208 in June 2015 to $167,800 in June 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,224 square feet a year earlier to 3,587 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 10.3% of existing home closings, below 11.7% a year earlier. The percentage of existing home closings involving foreclosures stayed at 6.1% of closings in July from a year earlier while REO closings as a percentage of existing home closings dropped to 4.2% from 5.7% a year earlier.