In the Brownsville, TX market, new home closings rose year-over-year in January, rebounding from a year-over-year decline in December 2015. New home closings moved from 10 a year earlier to 11 after the figure moved from 21 in December 2014 to 17 in December 2015.
A total of 225 new homes were sold during the 12 months that ended in January, up from 224 for the year that ended in December.
New home closings were 11 of the 290 total closings, up on a percentage basis from 10 of 407 a year earlier. Closings of new and existing homes slid year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $152,444, down from last year's $229,991. This followed a 6.4% decline in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $189,127 to $139,166. Average mortgage size declined 2.6% in December 2015 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 1,963 square feet a year earlier to 1,250 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in January from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings accounted for 26.2% of existing home closings, up from 24.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.5% in January from 11.8% a year earlier while REO closings as a percentage of existing home closings sank to 9.7% from 12.6% a year earlier.