Closings of new homes in the Brownsville, TX market remained steady year-over-year in February, remaining relatively stable after moving north year-over-year in January from the year earlier. Closings remained level at 13 from a year earlier after the figure moved from 10 in January 2015 to 12 in January 2016.
A total of 226 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
13 of the 350 total closings were new home closings, a shift on a percentage basis from 13 out of 407 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also declined year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $128,827, up from $126,613 a year earlier. This was on the heels of a 33.7% decline in January from a year earlier.
Average mortgage size on new homes increased to $123,591 from $121,136 last year. Average mortgage size on new homes went from $189,127 in January 2015 to $139,166 in January 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 fell from 1,803 square feet a year earlier to 734 square feet.
Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 22.0% of existing home closings, up from 19.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.5% in February from 7.6% a year earlier while REO closings as a percentage of existing home closings increased to 15.4% from 12.2%.