In June, the Corpus Christi, TX market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the May 2016. New home closings moved from 56 a year earlier to 4 after the figure moved from 55 in May 2015 to 6 in May 2016.
A total of 206 new homes were sold during the 12 months that ended in June, down from 258 for the year that ended in May.
Last year, 56 of 842 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 724 total closings. For new and existing homes, closings declined in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $209,750, compared with $277,067 last year. This came after a 3.9% decline in May from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $246,208 to $167,800. Average mortgage size on new homes went from $230,745 in May 2015 to $236,365 in May 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 2,225 square feet a year earlier to 3,369 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 13.6% of existing home closings, higher than 12.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.8% in June from 6.6% a year earlier while REO closings as a percentage of existing home closings dropped to 4.9% from 6.2% a year earlier.