In the Laredo, TX market, new home closings fell year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 37 a year earlier to 10 after the figure moved from 39 in March 2015 to 2 in March 2016.
A total of 123 new homes were sold during the 12 months that ended in April, down from 150 for the year that ended in March.
Last year, 37 of 243 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 214 total closings. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $135,502, compared with $202,198 last year. This followed a 32.0% surge in March year-over-year.
The average mortgage size went down to $134,160 from $188,207 a year earlier. Average mortgage size on new homes went from $170,642 in March 2015 to $233,007 in March 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 fell from 1,991 square feet a year earlier to 1,316 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.1% of closings, below 32.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.3% in April from 15.0% a year earlier while REO closings as a percentage of existing home closings slid to 9.8% from 17.5% a year earlier.