In the San Angelo, TX market in May, new home closings declined year-over-year, but the decline was less than the year-over-year decline in April. New home closings moved from 7 a year earlier to 3 after the figure moved from 15 in April 2015 to 1 in April 2016.
A total of 54 new homes were sold during the 12 months that ended in May, down from 58 for the year that ended in April.
Last year, 7 of 213 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 205 total closings. For new and existing homes, closings dropped in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $228,098, compared with $244,701 last year. This was on the heels of a 46.3% decline in April from a year earlier.
There was a decline in average mortgage size on new homes, going from $228,810 last year to $225,841 in May 2016. Average mortgage size on new homes went from $233,313 in April 2015 to $135,401 in April 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 May 2016.
The average unit size of newly sold homes fell from 1,992 square feet a year earlier to 1,696 square feet.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 9.9% of existing home closings, up from 6.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.4% in May from 3.4% a year earlier while REO closings as a percentage of existing home closings grew to 4.5% from 2.9%.