In April, there was a drop year-over-year in new home closings in the San Antonio, TX market, drawing a downward slope off of a rise in March 2016. Closings sank 8.4% from a year earlier to 677. This was after the housing market saw a 6.4% boost 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.
New home closings accounted for 17.5% of overall housing closings. As a part of the whole, new home closings were 17.7% a year earlier. After rising year-over-year in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes climbed year-over-year to $285,221 per unit, a 5.8% lift. This rise is an improvement over the 4.3% hike in March year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. In April 2016, there was a 6.7% gain in the average mortgage size, reaching $265,603. In March 2016, average mortgage size on newly sold homes saw a 5.2% lift year-over-year 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.
There was a 10.0% rise year-over-year in the average unit size of newly sold homes to 2,808 square feet in April 2016. An increase in both the average size and price of newly sold homes was also seen in March 2016 when the average size jumped 4.3% to 2,610 square feet. The average size of newly sold homes moved from 2,503 square feet in March 2015 to 2,610 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 15.4% of closings, below 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 dropped to 7.2% from 8.6% a year earlier.