In August, the Corpus Christi, TX market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the July 2015. New home closings moved from 56 a year earlier to none after the figure moved from 60 in July 2014 to 33 in July 2015.
New home closings represented none out of the 30 total closings, which is a smaller percentage than the 56 of 787 total closings a year earlier. For new and existing homes, closings sank in August after also declining in July year-over-year.
Other Market Trends
There were no new home closings in August 2015, but average size of newly sold homes was 2,150 a year earlier.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 16.7% of existing home closings, up from 13.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.3% in August from 6.7% a year earlier while REO closings as a percentage of existing home closings declined to 3.3% from 6.3% a year earlier.