New home closings in the Laredo, TX market slid year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 42 a year earlier to 3 after the figure moved from 28 in November 2014 to 5 in November 2015.
A total of 245 new homes were sold during the 12 months that ended in December, down from 284 for the year that ended in November.
New home closings represented 3 out of the 146 total closings, which is a smaller percentage than the 42 of 261 total closings a year earlier. For new and existing homes, closings declined in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $149,324, compared with $197,600 last year. This came after a 90.9% bump in November year-over-year.
The average mortgage size moved to $149,925, down from last year's $182,355. Average mortgage size on new homes went from $146,752 in November 2014 to $277,613 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 1,841 square feet a year earlier to 1,379 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 17.5% of existing home closings, down from 25.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.2% in December from 9.6% a year earlier while REO closings as a percentage of existing home closings sank to 6.3% from 15.5% a year earlier.