In the Brownsville, TX market, closings of new homes declined year-over-year in March, declining after staying relatively stable in February from the year earlier. Closings stood at 15 in March after being 21 a year earlier and remaining unchanged at 13 in February from a year earlier.
A total of 220 new homes were sold during the 12 months that ended in March, down from 226 for the year that ended in February.
New home closings, which accounted for 3.8% of overall closings, were relatively stable compared with a year earlier. Closings of new and existing homes slid year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
In March, the average value of new homes saw a 17.1% rise year-over-year as it grew to $179,330 per unit. This bump is higher than the 1.7% boost in February year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. In March 2016, the average mortgage size was $164,241, up 19.0% from a year earlier. Average mortgage size on new homes went from $121,136 in February 2015 to $123,591 in February 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 March 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size rose 4.4% year-over-year to 1,601 square feet in March 2016. The average size of newly sold homes moved from 1,803 square feet in February 2015 to 734 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.5% of closings, below 22.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.9% in March from 11.9% a year earlier while REO closings as a percentage of existing home closings dropped to 8.7% from 10.1% a year earlier.