In the San Antonio, TX market in November, closings of new homes declined year-over-year, a downhill move after a surge in October 2015. There was a 12.6% decline in new home closings from a year earlier. This followed a 3.6% hike year-over-year in October.
A total of 8,716 new homes were sold during the 12 months that ended in November, down from 8,799 for the year that ended in October.
New home closings accounted for 18.5% of overall housing closings. This is a drop 19.7% of closings a year earlier. Following a year-over-year increase in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 3.8% in November to $272,859 per unit. This lift is smaller than the 4.3% surge in October year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In November 2015, the average mortgage size on newly sold homes saw a 4.7% hike from a year earlier. In October 2015, average mortgage size on newly sold homes saw a 5.3% 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 98.3% of new home closings to 99.1% of closings while attached units have gone from 1.7% of closings to 0.9% of closings.
For all new homes sold, the average unit size increased 6.5% year-over-year to 2,636 square feet in November 2015. In October, the average size of new homes sold went from 2,440 square feet a year earlier to 2,626 square feet. An increase was also seen in October 2015 when the average size of new homes sold grew 7.6% to 2,626 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 15.8% of existing home closings, down from 17.3% a year earlier. The percentage of existing home closings involving foreclosures went from 9.2% in November 2014 to 8.7% in November 2015 and REO closings moved from 8.1% of existing home closings in November 2014 to 7.1% in November 2015.