Latest Numbers Indicate New Home Closings and Prices Decrease in Corpus Christi
Posted on: Aug 08, 2014 11:16:27 AM
New home closings declined year-over-year in May in the Corpus Christi, TX market, but the decline was less than the year-over-year decline in April. New home closings moved from 37 a year earlier to 15 after the figure moved from 56 in April 2013 to 14 in April 2014.
A total of 294 new homes were sold during the 12 months that ended in May, down from 316 for the year that ended in April.
As a percentage of overall housing closings, new home closings made up 1.9%. This is a decline 4.5% of closings a year earlier. Closings of new and existing homes fell year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 5.2% drop year-over-year to $218,156 per unit in May. This decline compares to a 1.7% bump in April year-over-year.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. The average mortgage size slid to $195,011 in May, marking a 6.6% decline compared with last year. Average mortgage size on new homes went from $203,330 in April 2013 to $197,933 in April 2014.