In the Corpus Christi, TX market in July, closings of new homes declined year-over-year, and there were signs the market may be worsening with a percentage drop steeper than that of June 2015. New home closings saw a 56.8% drop from a year earlier to 16. This was after the housing market saw a 46.8% drop year-over-year in June.
A total of 339 new homes were sold during the 12 months that ended in July, down from 360 for the year that ended in June.
New home closings represented 2.6% of overall housing closings. This is down from the a year earlier when new home closings made up 4.6% of total closings. For new and existing homes, closings declined in July after also declining in June year-over-year.
Pricing and Mortgage Trends
In July, the average price of newly sold homes climbed year-over-year to $263,081 per unit, a 2.7% lift. This surge is smaller than the 2.8% boost in June year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. It jumped to $242,466 in July, a 10.3% rise. In June 2015, average mortgage size on newly sold homes saw a 8.5% rise year-over-year from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings jumped from 94.6% of new closings in July 2014 to all of closings in July 2015. Meanwhile, attached units as a percentage of all new home closings slid to no part of closings from 5.4% of closings.
There was a 10.1% decline year-over-year in the average unit size of newly sold homes to 2,011 square feet in July 2015. For newly sold homes, an average size decline contrasting with an average price gain was also seen in June 2015 when the average size of newly sold homes declined 13.1% to 1,940 square feet. In June, the average size of new homes sold went from 2,233 square feet a year earlier to 1,940 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 10.5% of existing closings, lower than 13.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.5% in July from 7.2% a year earlier while REO closings as a percentage of existing home closings dropped to 5.0% from 6.6% a year earlier.