New home closings dropped year-over-year in June in the Brownsville, TX market, and the decline was by a larger percentage than the May 2015. New home closings moved from 31 a year earlier to 15 after the figure moved from 20 in May 2014 to 13 in May 2015.
A total of 217 new homes were sold during the 12 months that ended in June, down from 233 for the year that ended in May.
As a percentage of overall housing closings, new home closings made up 3.3%. This is down from the a year earlier when new home closings made up 6.1% of total closings. Closings of new and existing homes declined year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 13.5% decline year-over-year to $135,955 per unit in June. This drop compares to a 40.9% bump in May year-over-year.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. It dropped 11.7% in June from a year earlier to $125,315. Average mortgage size on new homes went from $126,258 in May 2014 to $177,024 in May 2015.
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 2015. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
For all new homes sold, the average unit size increased 47.5% year-over-year to 2,588 square feet in June 2015. The average size of newly sold homes moved from 1,521 square feet in May 2014 to 1,657 square feet in May 2015.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 23.6% of existing home closings, up from 19.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.2% in June from 9.3% a year earlier and REO closings moved from 10.3% of existing home closings in June 2014 to 9.5% in June 2015.