In January, there was a drop year-over-year in new home closings in the Corpus Christi, TX market, but the decline was less than the year-over-year decline in December. New home closings moved from 40 a year earlier to 14 after the figure moved from 89 in December 2014 to 23 in December 2015.

A total of 468 new homes were sold during the 12 months that ended in January, down from 494 for the year that ended in December.

On a percentage basis, new home closings as a part of total closings decreased to 2.3% from 6.8% a year earlier. Closings of new and existing homes grew year-over-year in January following a drop in December year-over-year.

Pricing and Mortgage Trends

The average new home price was $238,789, up from $235,259 a year earlier. This came after a 11.8% boost in December year-over-year.

The average mortgage size on new homes was $218,945, up from $204,124. In December 2015, average mortgage size on newly sold homes saw a 8.7% bump year-over-year from a year earlier.

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 1,987 square feet a year earlier to 1,858 square feet.

Foreclosures and real estate owned (REO) closings increased in January from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 24.7% of existing home closings, up from 21.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.1% in January from 12.0% a year earlier while REO closings as a percentage of existing home closings jumped to 14.6% from 9.3%.

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