In the Corpus Christi, TX market in May, closings of new homes declined year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 55 a year earlier to 6 after the figure moved from 69 in April 2015 to 8 in April 2016.

A total of 258 new homes were sold during the 12 months that ended in May, down from 307 for the year that ended in April.

New home closings represented 6 out of the 629 total closings, which is a smaller percentage than the 55 of 793 total closings a year earlier. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.

Pricing and Mortgage Trends

The average per-unit price of new homes was $254,029, compared with $264,362 last year. This was on the heels of a move from $253,986 per unit in April 2015 to $253,121 in April 2016.

Average mortgage size on new homes went from $230,745 a year earlier to $236,365. Average mortgage size on new homes went from $227,363 in April 2015 to $234,869 in April 2016.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 12.4% of existing closings, lower than 13.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.7% in May from 8.3% a year earlier while REO closings as a percentage of existing home closings stayed level at 5.6%.

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