In November, the Brownsville, TX market saw a fall year-over-year in new home closings, moving south after a rise in October 2015. New home closings saw a 6.2% decline from a year earlier to 15. This followed a 28.6% jump year-over-year in October.
A total of 227 new homes were sold during the 12 months that ended in November, down from 228 for the year that ended in October.
Of the total number of closings, new home closings made up 4.9%. New home closings were 4.4% of overall closings last year. Closings of new and existing homes dropped year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 16.1% drop year-over-year in November to $146,125 per unit. This fall is larger than the 4.3% decline in October from a year earlier.
For newly sold homes, the average mortgage size dropped year-over-year in contrast to average price of new homes. It declined 21.1% in November from a year earlier to $127,122. Average mortgage size declined 11.3% in October 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes fell 29.7% year-over-year to 1,226 square feet in November 2015. A drop was also seen in October 2015 when the average size of new homes sold dropped 15.0% to 1,333 square feet. The average size of newly sold homes moved from 1,569 square feet in October 2014 to 1,333 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 20.4% of closings, below 20.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.9% in November from 10.4% a year earlier while REO closings as a percentage of existing home closings slid to 8.5% from 10.4% a year earlier.