In the Corpus Christi, TX market in April, closings of new homes sank year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 69 a year earlier to 8 after the figure moved from 78 in March 2015 to 6 in March 2016.

A total of 307 new homes were sold during the 12 months that ended in April, down from 368 for the year that ended in March.

On a percentage basis, new home closings as a part of total closings decreased to 1.3% from 8.6% a year earlier. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.

Pricing and Mortgage Trends

The average price for new homes in April 2016 was $253,121, a shift from $253,986 last year. This was on the heels of a 19.6% boost in March year-over-year.

From the year-ago figure of $227,363, the average mortgage size on new homes moved up to $234,869. Average mortgage size on new homes went from $220,450 in March 2015 to $274,300 in March 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.

The average unit size of newly sold homes fell from 2,035 square feet a year earlier to 1,742 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 10.7% of existing home closings, below 14.5% a year earlier. The percentage of existing home closings involving foreclosures went from 7.6% in April 2015 to 6.9% in April 2016 and REO closings as a percentage of existing home closings fell to 3.7% from 6.9% a year earlier.

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