In the Brownsville, TX market in March, new home closings fell year-over-year, dropping after staying level in February. Closings stood at 15 in March after being 21 a year earlier and remaining unchanged at 13 in February from a year earlier.
A total of 220 new homes were sold during the 12 months that ended in March, down from 226 for the year that ended in February.
New home closings were 3.8% of total number of closings, same as last year. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 17.1% in March to $179,330 per unit. This surge is better than the 1.7% bump in February year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. It increased 19.0% in March from a year earlier to $164,241. Average mortgage size on new homes went from $121,136 in February 2015 to $123,591 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes jumped 4.4% year-over-year to 1,601 square feet in March 2016. The average size of newly sold homes moved from 1,803 square feet in February 2015 to 734 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 16.5% of existing home closings, below 22.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.9% in March from 11.9% a year earlier while REO closings as a percentage of existing home closings fell to 8.7% from 10.1% a year earlier.