Closings of new homes fell year-over-year in November in the Laredo, TX market, and the decline was by a larger percentage than the October 2015. New home closings moved from 28 a year earlier to 4 after the figure moved from 42 in October 2014 to 10 in October 2015.
A total of 283 new homes were sold during the 12 months that ended in November, down from 307 for the year that ended in October.
New home closings represented 4 out of the 128 total closings, which is a smaller percentage than the 28 of 213 total closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also slid year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes rose to $349,479 from last year's $159,749. This followed a 12.6% decline in October from a year earlier.
Average mortgage size on new homes rose from $146,752 to $313,083. Average mortgage size on new homes went from $189,455 in October 2014 to $171,303 in October 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 November 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 24.2% of existing closings, lower than 24.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.1% in November from 13.5% a year earlier while REO closings as a percentage of existing home closings jumped to 12.1% from 10.8%.