New home closings dropped year-over-year in October in the Laredo, TX market, but the decline was less than the year-over-year decline in September. New home closings moved from 42 a year earlier to 10 after the figure moved from 39 in September 2014 to 7 in September 2015.
A total of 306 new homes were sold during the 12 months that ended in October, down from 338 for the year that ended in September.
Last year, 42 of 261 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 205 total closings. Following a year-over-year rise in September, closings of new and existing homes dropped year-over-year in October.
Pricing and Mortgage Trends
The average value of newly sold homes in October 2015 was $173,016, down from last year's $197,933. This came after a 1.2% decline in September from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $189,455 to $171,303. Average mortgage size on new homes went from $191,273 in September 2014 to $184,659 in September 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 October 2015.
The average unit size of newly sold homes fell from 2,034 square feet a year earlier to 1,958 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 15.9% of existing home closings, down from 26.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.3% in October from 12.3% a year earlier while REO closings as a percentage of existing home closings fell to 5.6% from 14.6% a year earlier.