In the Brownsville, TX market in June, new home closings slid year-over-year, but the decline was less than the year-over-year decline in May. New home closings moved from 18 a year earlier to 14 after the figure moved from 18 in May 2015 to 13 in May 2016.
A total of 209 new homes were sold during the 12 months that ended in June, down from 213 for the year that ended in May.
New home closings were 14 out of the 429 total closings, a move on a percentage basis from 18 of 497 a year earlier. Closings of new and existing homes dropped year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $140,895, an increase from $130,641 a year earlier. This came after a 1.5% surge in May year-over-year.
Average mortgage size on new homes increased to $136,099 from $121,370 last year. Average mortgage size on new homes went from $148,646 in May 2015 to $158,089 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes fell from 1,792 square feet a year earlier to 1,087 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 17.6% of existing closings, lower than 23.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.4% in June from 14.2% a year earlier and REO closings moved from 9.0% of existing home closings in June 2015 to 8.2% in June 2016.