Closings of new homes sank year-over-year in April in the Brownsville, TX market, and the decline was by a larger percentage than the March 2016. New home closings moved from 22 a year earlier to 14 after the figure moved from 21 in March 2015 to 15 in March 2016.

A total of 212 new homes were sold during the 12 months that ended in April, down from 220 for the year that ended in March.

New home closings were 14 out of the 417 total closings, a move on a percentage basis from 22 of 551 a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.

Pricing and Mortgage Trends

The average new home price was $183,656, up from $146,533 a year earlier. This followed a 17.1% rise in March year-over-year.

Average mortgage size on new homes went from $138,681 a year earlier to $173,000. In March 2016, average mortgage size jumped 19.0% from a year earlier.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.

The average unit size of newly sold homes fell from 1,555 square feet a year earlier to 1,454 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.1% of closings, below 24.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.2% in April from 12.7% a year earlier while REO closings as a percentage of existing home closings declined to 9.9% from 11.3% a year earlier.

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