New home closings declined year-over-year in August in the Laredo, TX market, but the decline was less than the year-over-year decline in July. New home closings moved from 45 a year earlier to 14 after the figure moved from 44 in July 2014 to 13 in July 2015.
A total of 369 new homes were sold during the 12 months that ended in August, down from 400 for the year that ended in July.
New home closings represented 14 out of the 210 total closings, which is a smaller percentage than the 45 of 277 total closings a year earlier. For new and existing homes, closings slid in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $199,814, down from last year's $209,093. This followed a move from $187,334 per unit to $186,896 from July 2014 to July 2015.
Average mortgage size on new homes rose from $188,520 to $210,975. Average mortgage size on new homes went from $180,088 in July 2014 to $182,769 in July 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 August 2015.
The average unit size of newly sold homes rose from 1,829 square feet a year earlier to 1,918 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.9% of closings, below 24.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.7% in August from 9.5% a year earlier while REO closings as a percentage of existing home closings sank to 9.2% from 14.7% a year earlier.