The San Antonio, TX market saw an increase in closings of new homes in September year-over-year, but there were signs of market leveling as the percentage hike was less than August 2015. New home closings saw a 3.1% boost from a year earlier to 707. This was after the housing market saw a 19.3% jump year-over-year in August.
A total of 8,716 new homes were sold during the 12 months that ended in September, up from 8,695 for the year that ended in August.
New home closings made up 15.6% of overall housing closings. This is a fall 19.2% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also gained year-over-year in September.
Pricing and Mortgage Trends
For newly sold homes, the average price jumped 6.9% year-over-year in September to $275,159 per unit. This rise is smaller than the 7.0% surge in August year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. In September 2015, average mortgage size increased 7.0% from a year earlier to $253,868. In August 2015, average mortgage size rose 8.1% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes rose from 97.5% in September 2014 to 99.0% of closings in September 2015. At the same time, the share of new home closings belonging to attached units fell to 1.0% of closings from 2.5% of closings.
The average unit size of newly sold homes gained 11.8% year-over-year to 2,757 square feet in September 2015. An increase was also seen in August 2015 when the average size of new homes sold grew 18.7% to 2,904 square feet. The average size of newly sold homes moved from 2,446 square feet in August 2014 to 2,904 square feet in August 2015.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 19.4% of existing home closings, above 17.2% a year earlier. The percentage of existing home closings involving foreclosures went from 8.2% in September 2014 to 7.9% in September 2015 and REO closings as a percentage of existing home closings increased to 11.5% from 9.0%.