Closings of new homes in the Corpus Christi, TX market fell year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 40 a year earlier to 8 after the figure moved from 40 in January 2015 to 14 in January 2016.

A total of 437 new homes were sold during the 12 months that ended in February, down from 469 for the year that ended in January.

Last year, 40 of 573 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 462 total closings. After rising year-over-year in January, closings of new and existing homes dropped year-over-year in February.

Pricing and Mortgage Trends

The average new home price was $365,063, up from $274,693 a year earlier. This followed a 1.5% hike in January year-over-year.

Average mortgage size on new homes went from $233,649 a year earlier to $298,885. Average mortgage size on new homes went from $204,124 in January 2015 to $218,945 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 2,188 square feet a year earlier to 2,138 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 10.8% of existing home closings, down from 16.1% a year earlier. The percentage of existing home closings involving foreclosures went from 6.8% in February 2015 to 5.9% in February 2016 and REO closings as a percentage of existing home closings declined to 4.8% from 9.4% a year earlier.

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