In the San Angelo, TX market, new home closings jumped year-over-year in September, rebounding from a year-over-year decline in August 2015. New home closings moved from 3 a year earlier to 5 after the figure moved from 13 in August 2014 to 8 in August 2015.
A total of 133 new homes were sold during the 12 months that ended in September, up from 131 for the year that ended in August.
New home closings were 5 of the 168 total closings, up on a percentage basis from 3 of 193 a year earlier. Closings of new and existing homes fell year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $268,601 from last year's $233,804. This was on the heels of a 11.8% hike in August year-over-year.
Average mortgage size on new homes increased to $232,095 from $217,232 last year. Average mortgage size on new homes went from $218,913 in August 2014 to $251,179 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes fell from 2,197 square feet a year earlier to 2,098 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 5.5% of existing home closings, above 5.3% a year earlier. The percentage of existing home closings involving foreclosures stayed at 3.2% of closings in September from a year earlier and REO closings moved from 2.1% of existing home closings in September 2014 to 2.5% in September 2015.