In May, the San Angelo, TX market saw a fall year-over-year in new home closings, 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.
New home closings were 3.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 3 of the 205 total closings. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $228,098, compared with $244,701 last year. This followed a 46.3% drop in April from a year earlier.
The average mortgage size went down to $225,841 from $228,810 a year earlier. 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 look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 9.9% of existing home closings, higher than 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 gained to 4.5% from 2.9%.