New home closings declined year-over-year in June in the Corpus Christi, TX market, and the decline was by a larger percentage than the May 2016. New home closings moved from 56 a year earlier to 4 after the figure moved from 55 in May 2015 to 6 in May 2016.

A total of 206 new homes were sold during the 12 months that ended in June, down from 258 for the year that ended in May.

New home closings were 4 out of the 724 total closings, down on a percentage basis from 56 of 842 a year earlier. Following a year-over-year decline in May, closings of new and existing homes also sank year-over-year in June.

Pricing and Mortgage Trends

The average per-unit price of new homes was $209,750, compared with $277,067 last year. This came after a 3.9% fall in May from a year earlier.

The average mortgage size went down to $167,800 from $246,208 a year earlier. Average mortgage size on new homes went from $230,745 in May 2015 to $236,365 in May 2016.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

The average unit size of newly sold homes rose from 2,225 square feet a year earlier to 3,369 square feet.

Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 13.6% of existing home closings, above 12.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.8% in June from 6.6% a year earlier while REO closings as a percentage of existing home closings dropped to 4.9% from 6.2% a year earlier.

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