Rio Grande Valley housing 3Q 2012

RIO GRANDE VALLEY – The annual rate of new home growth in the Rio Grande Valley for third quarter 2012 is 1,873 starts, down 237 units or 11.2 percent from the 3Q 2011 rate of 2,110, according to Metrostudy. The area had 355 starts in 3Q 2012, down 12.6 percent from 2Q 2012.

The number of new home closings in the year ending 3Q 2012 was 1,742 down 516 units, or 22.9 percent, from the 3Q 2011 rate of 2,258. There have been 367 closings in 3Q 2012, up 0.3 percent from 2Q 2012.

Total inventory is 1,384 homes at the end of 3Q 2012, which represents 9.5 months of supply based on the annual closings rate. There were 668 homes under construction at the end of 3Q 2012, a decrease of 24 units when compared to 3Q 2011.

The inventory of finished vacant units totaled 701 homes at the end of 3Q 2012, up 29 percent compared to the 3Q 2011 level of 542. Based on the closings rate for the 3Q 2012, the current level of finished vacant inventory represents 4.8 months of supply.

Read more at Metrostudy.