New home closings in the Laredo, TX market declined year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 20 a year earlier to 2 after the figure moved from 27 in May 2015 to 5 in May 2016.
A total of 83 new homes were sold during the 12 months that ended in June, down from 101 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 1.1% from 8.2% a year earlier. For new and existing homes, closings sank in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $123,962, compared with $169,795 last year. This came after a 34.9% rise in May year-over-year.
The average mortgage size moved to $122,735, down from last year's $167,433. Average mortgage size on new homes went from $162,954 in May 2015 to $210,147 in May 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 June 2016.
The average unit size of newly sold homes fell from 1,891 square feet a year earlier to 684 square feet.
Out of all existing home closings, foreclosures combined with REO closings represented 19.7% of closings. In June 2015, they accounted for 19.6%. The percentage of existing home closings involving foreclosures went from 10.3% in June 2015 to 11.2% in June 2016 and REO closings moved from 9.4% of existing home closings in June 2015 to 8.5% in June 2016.