The Corpus Christi, TX market saw a drop in new home closings year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 89 a year earlier to 23 after the figure moved from 59 in November 2014 to 14 in November 2015.
A total of 494 new homes were sold during the 12 months that ended in December, down from 560 for the year that ended in November.
Out of all housing closings, new home closings represented 3.9%. This is down from the a year earlier when new home closings made up 12.5% of total closings. For new and existing homes, closings declined in December after also declining in November year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 11.8% year-over-year in December to $274,564 per unit. This gain is smaller than the 30.2% hike in November year-over-year.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. In December 2015, the average mortgage size on newly sold homes saw a 8.7% gain from a year earlier. Average mortgage size on new homes went from $224,010 in November 2014 to $269,273 in November 2015.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings increased from 96.6% of new closings in December 2014 to all of closings in December 2015. At the same time, the share of new home closings belonging to attached units sank to no part of closings from 3.4% of closings.
The average unit size of newly sold homes rose 24.4% year-over-year to 2,561 square feet in December 2015. In November, the average size of new homes sold went from 2,132 square feet a year earlier to 2,105 square feet.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 12.8% of existing home closings, up from 10.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.1% in December from 5.0% a year earlier while REO closings as a percentage of existing home closings stayed level at 5.7%.