In the Laredo, TX market, new home closings dropped 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.
On a percentage basis, new home closings as a part of total closings decreased to 4.7% from 15.2% 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 $135,502, down from $202,198 a year earlier. This was on the heels of a 32.0% boost 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. Together, foreclosures plus REO closings made up 18.1% of existing home closings, down from 32.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.3% in April from 15.0% a year earlier while REO closings as a percentage of existing home closings declined to 9.8% from 17.5% a year earlier.