In the San Angelo, TX market, new home closings dropped year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 11 a year earlier to 4 after the figure moved from 7 in May 2015 to 3 in May 2016.
A total of 47 new homes were sold during the 12 months that ended in June, down from 54 for the year that ended in May.
New home closings represented 4 out of the 202 total closings, which is a smaller percentage than the 11 of 241 total closings a year earlier. Following a year-over-year decline in May, closings of new and existing homes also fell year-over-year in June.
Pricing and Mortgage Trends
The average new home value went from $229,165 last year to $255,818. This was on the heels of a 6.8% drop in May from a year earlier.
The average mortgage size on new homes was $259,477, up from $204,987. Average mortgage size on new homes went from $228,810 in May 2015 to $225,841 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes fell from 2,114 square feet a year earlier to 2,036 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 7.1% of existing home closings, down from 11.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.5% in June from 5.7% a year earlier while REO closings as a percentage of existing home closings fell to 2.5% from 5.7% a year earlier.