New home closings in the San Antonio, TX market fell year-over-year in April, curving down after an increase in March 2016. New home closings saw a decline of 8.4% from the year earlier to 677. This followed a 6.4% hike year-over-year in March.
A total of 8,703 new homes were sold during the 12 months that ended in April, down from 8,765 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 17.5% of overall housing closings. They represented 17.7% of closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $285,221 per unit in April, up 5.8%from a year earlier. This hike is higher than the 4.3% bump in March year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. In April 2016, the average mortgage size on newly sold homes saw a 6.7% hike from a year earlier. In March 2016, average mortgage size rose 5.2% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 98.9% of new home closings to 99.7% of closings while attached units have gone from 1.1% of closings to 0.3% of closings.
The average unit size of newly sold homes increased 10.0% year-over-year to 2,808 square feet in April 2016. The average size of newly sold homes moved from 2,503 square feet in March 2015 to 2,610 square feet in March 2016. An increase was also seen in March 2016 when the average size of new homes sold gained 4.3% to 2,610 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 15.4% of existing home closings, down from 17.8% a year earlier. The percentage of existing home closings involving foreclosures went from 9.2% in April 2015 to 8.3% in April 2016 and REO closings as a percentage of existing home closings slid to 7.2% from 8.6% a year earlier.