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Corpus Christi, TX - Freshest New Home Sales Numbers Give Hints Market Gain Building

Posted on: May 06, 2012 09:22:14 AM

In the Corpus Christi, TX market, new home sales jumped year-over-year in February, and with a stronger surge than January 2012, there are signals the market may be bolstering. There was a 95.7% jump in new home sales from a year earlier. This came on the heels of a 29.2% rise year-over-year in January.

A total of 500 new homes were sold during the 12 months that ended in February, up from 478 for the year that ended in January.

Out of all housing sales, new home sales represented 7.7%. This is less than the a year earlier when new home sales made up 9.9% of total sales. Following a year-over-year increase in January, sales of new and existing homes also increased year-over-year in February.

Pricing and Mortgage Trends

The average value of newly sold homes moved to $198,663 in February 2012 from $200,649 in February 2011. This came after a 7.5% decline in January from a year earlier.

The average mortgage size on newly sold homes slipped year-over-year in contrast to the average price of new homes. In February 2012, the average mortgage size on newly sold homes saw a 2.6% decline from a year earlier. Average mortgage size rose 1.5% in January 2012 from a year earlier. The overall percentage of sale price that was being financed declined 1.6 percentage points year-over-year to 91.3% in February 2012. In January 2012, there was an 8.3 percentage point rise from a year earlier.

Other Market Trends

The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home sales belonging to attached units climbed from 4.3% of sales in February 2011 to 6.7% of sales in February 2012. Conversely, the share belonging to single-family homes declined to 93.3% of sales from 95.7% of sales.

For all new homes sold, the average unit size slid 10.4% year-over-year to 1,561 square feet in February 2012. In January, the average size of new homes sold went from 948 square feet a year earlier to 606 square feet.

Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales represented 26.9% of existing home sales. They made up 36.7% in February 2011. The percentage of existing home sales involving foreclosures went from 14.3% in February 2011 to 15.1% in February 2012 and REO sales as a percentage of existing home sales fell to 11.8% from 22.4% a year earlier.

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