Closings of new homes sank year-over-year in August in the Laredo, TX market, but the decline was less than the year-over-year decline in July. New home closings moved from 45 a year earlier to 14 after the figure moved from 44 in July 2014 to 13 in July 2015.
A total of 369 new homes were sold during the 12 months that ended in August, down from 400 for the year that ended in July.
New home closings were 16.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 14 of the 210 total closings. Following a year-over-year decline in July, closings of new and existing homes also sank year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of new homes was $199,814, compared with $209,093 last year. This was on the heels of a move from $187,334 per unit to $186,896 from July 2014 to July 2015.
Average mortgage size on new homes rose from $188,520 to $210,975. Average mortgage size on new homes went from $180,088 in July 2014 to $182,769 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes rose from 1,829 square feet a year earlier to 1,918 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 20.9% of existing home closings, below 24.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.7% in August from 9.5% a year earlier while REO closings as a percentage of existing home closings dropped to 9.2% from 14.7% a year earlier.