In the Corpus Christi, TX market in March, new home closings dropped year-over-year, and the decline was by a larger percentage than the February 2016. New home closings moved from 78 a year earlier to 4 after the figure moved from 40 in February 2015 to 10 in February 2016.
A total of 365 new homes were sold during the 12 months that ended in March, down from 439 for the year that ended in February.
New home closings were 9.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 4 of the 511 total closings. After rising year-over-year in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes rose to $370,301 from last year's $245,936. This was on the heels of a 16.6% hike in February year-over-year.
Average mortgage size on new homes increased to $342,088 from $220,450 last year. Average mortgage size on new homes went from $233,649 in February 2015 to $267,335 in February 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,110 square feet a year earlier to 2,761 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 13.4% of closings, below 19.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.1% in March from 12.8% a year earlier and REO closings moved from 7.0% of existing home closings in March 2015 to 6.3% in March 2016.