New home closings in the Corpus Christi, TX market slid 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.

New home closings were 14 out of the 582 total closings, down on a percentage basis from 59 of 625 a year earlier. For new and existing homes, closings dropped in November after also declining in October year-over-year.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $317,687 from $243,935 a year ago. This came after a 17.6% lift in October year-over-year.

Average mortgage size on new homes went from $224,010 a year earlier to $269,273. In October 2015, average mortgage size increased 29.4% 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 drop from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 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 slid to 3.7% from 6.9% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Corpus Christi, TX area.