In the Corpus Christi, TX market in September, closings of new homes fell year-over-year, and the percentage decline that was steeper than August 2015 gave implications of worsening market conditions. New home closings saw a 65.2% drop from a year earlier to 23. This came on the heels of a 52.6% decline year-over-year in August.
A total of 605 new homes were sold during the 12 months that ended in September, down from 648 for the year that ended in August.
As a percentage of overall housing closings, new home closings represented 4.5%. This is down from the a year earlier when new home closings accounted for 8.5% of total closings. Following a year-over-year decline in August, closings of new and existing homes also slid year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.1% lift year-over-year to $267,889 per unit in September. This gain is smaller than the 15.0% rise in August year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It grew to $234,644 in September, a 5.7% gain. In August 2015, average mortgage size jumped 13.0% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 95.5% of new closings in September 2014 to all of closings in September 2015. Meanwhile, attached units as a percentage of all new home closings sank to no part of closings from 4.5% of closings.
There was a 6.1% decline year-over-year in the average unit size of newly sold homes to 1,954 square feet in September 2015. In August, the average size of new homes sold went from 2,150 square feet a year earlier to 2,571 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 11.3% of existing closings, lower than 13.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.5% in September from 7.4% a year earlier and REO closings moved from 6.2% of existing home closings in September 2014 to 5.7% in September 2015.