Closings of new homes in the Corpus Christi, TX market fell year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 59 a year earlier to 14 after the figure moved from 78 in October 2014 to 23 in October 2015.
A total of 559 new homes were sold during the 12 months that ended in November, down from 604 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 2.4% from 9.4% a year earlier. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $317,687 from last year's $243,935. This was on the heels of a 17.6% rise in October year-over-year.
From the year-ago figure of $224,010, the average mortgage size on new homes moved up to $269,273. In October 2015, average mortgage size on newly sold homes saw a 29.4% gain year-over-year from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,132 square feet a year earlier to 2,105 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 12.5% of existing closings, lower than 13.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.8% in November from 6.9% a year earlier while REO closings as a percentage of existing home closings fell to 3.7% from 6.9% a year earlier.