Closings of new homes in the San Angelo, TX market slid year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 10 a year earlier to 7 after the figure moved from 11 in June 2015 to 4 in June 2016.
A total of 44 new homes were sold during the 12 months that ended in July, down from 47 for the year that ended in June.
New home closings were 7 out of the 210 total closings, a move on a percentage basis from 10 of 244 a year earlier. Closings of new and existing homes declined year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $205,949, down from last year's $211,663. This was on the heels of a 11.6% bump in June year-over-year.
There was a decline in average mortgage size on new homes, going from $202,698 last year to $197,261 in July 2016. Average mortgage size on new homes went from $204,987 in June 2015 to $259,477 in June 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 July 2016.
The average unit size of newly sold homes rose from 1,762 square feet a year earlier to 1,821 square feet.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 13.3% of existing home closings, up from 8.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.4% in July from 5.1% a year earlier while REO closings as a percentage of existing home closings rose to 5.9% from 3.0%.