Closings of new homes in the Brownsville, TX market fell year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 18 a year earlier to 13 after the figure moved from 22 in April 2015 to 15 in April 2016.
A total of 212 new homes were sold during the 12 months that ended in May, down from 217 for the year that ended in April.
13 of the 433 total closings were new home closings, a shift on a percentage basis from 18 out of 460 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $163,372, an increase from $160,943 a year earlier. This followed a 23.0% gain in April year-over-year.
Average mortgage size on new homes went from $148,646 a year earlier to $158,089. In April 2016, average mortgage size on newly sold homes saw a 21.4% hike year-over-year 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 fell from 1,618 square feet a year earlier to 1,576 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 16.7% of existing home closings, below 19.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.6% in May from 9.5% a year earlier and REO closings moved from 9.5% of existing home closings in May 2015 to 9.0% in May 2016.