In the Laredo, TX market, new home closings slid year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 44 a year earlier to 13 after the figure moved from 39 in June 2014 to 20 in June 2015.
A total of 400 new homes were sold during the 12 months that ended in July, down from 431 for the year that ended in June.
New home closings represented 13 out of the 229 total closings, which is a smaller percentage than the 44 of 250 total closings a year earlier. Closings of new and existing homes declined year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average price for new homes was $186,896, moving from $187,334 last year. This was on the heels of a 14.7% decline in June from a year earlier.
Average mortgage size on new homes went from $180,088 a year earlier to $182,769. In June 2015, average mortgage size on newly sold homes saw a 8.8% fall from a year earlier.
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 rose from 2,003 square feet a year earlier to 2,182 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 16.7% of existing home closings, below 25.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.9% in July from 13.6% a year earlier while REO closings as a percentage of existing home closings declined to 9.7% from 12.1% a year earlier.