In the San Antonio, TX market, closings of new homes dropped year-over-year in July, a shift downward off a rise in June 2016. Closings slid 2.8% from a year earlier to 735. In comparison, new home closings in the same month last year saw a 7.6% jump year-over-year in June.
A total of 8,767 new homes were sold during the 12 months that ended in July, down from 8,788 for the year that ended in June.
New home closings accounted for 16.7% of overall housing closings. New home closings were 16.0% of overall closings last year. Closings of new and existing homes saw a decline year-over-year in July after remaining steady in June year-over-year.
Pricing and Mortgage Trends
The average value for new homes sold in July 2016 was $281,610, a move from $282,203 a year earlier. This came after a 1.1% drop in June from a year earlier.
In July 2016, average mortgage size on new homes went from $260,191 in July 2015 to $260,601 in July 2016. Average mortgage size went from $266,947 in June 2015 to $266,435 in June 2016.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes gained from 98.5% in July 2015 to 99.9% of closings in July 2016. Conversely, the share of new home closings belonging to attached units declined to 0.1% of closings from 1.5% of closings.
For all new homes sold, the average unit size slid 10.5% year-over-year to 2,458 square feet in July 2016. In June, the average size of new homes sold went from 2,767 square feet a year earlier to 2,870 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.2% of closings, below 13.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.5% in July from 7.2% a year earlier and REO closings moved from 6.3% of existing home closings in July 2015 to 5.7% in July 2016.