The Laredo, TX market saw a drop in new home closings year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 39 a year earlier to 2 after the figure moved from 42 in February 2015 to 9 in February 2016.
A total of 150 new homes were sold during the 12 months that ended in March, down from 187 for the year that ended in February.
New home closings represented 2 out of the 218 total closings, which is a smaller percentage than the 39 of 252 total closings a year earlier. Following a year-over-year decline in February, closings of new and existing homes also dropped year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes was $235,337, an increase from $178,324 a year earlier. This was on the heels of a 3.5% surge in February year-over-year.
Average mortgage size on new homes increased to $233,007 from $170,642 last year. Average mortgage size on new homes went from $174,843 in February 2015 to $186,190 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 fell from 1,677 square feet a year earlier to 1,128 square feet.
Together, foreclosures plus REO closings represented 27.3% of existing home closings. In March 2015, they represented 27.2%. The percentage of existing home closings involving foreclosures went from 11.7% in March 2015 to 12.5% in March 2016 and REO closings moved from 15.5% of existing home closings in March 2015 to 14.8% in March 2016.