Closings of new homes in the San Antonio, TX market climbed year-over-year in July, but the percentage edged up less than June 2015, suggesting the market may be leveling out. New home closings saw a 1.1% boost from a year earlier to 730. This was after the housing market saw a 7.4% boost year-over-year in June.
A total of 8,227 new homes were sold during the 12 months that ended in July, up from 8,219 for the year that ended in June.
New home closings accounted for 15.7% of overall housing closings. This is down from the a year earlier when new home closings accounted for 17.1% of total closings. Closings of new and existing homes rose year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in July to $280,001 per unit, a rise of 7.0%. This bump is smaller than the 11.2% hike in June year-over-year.
The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. In July 2015, the average mortgage size was $258,200, a 7.8% rise from a year earlier. In June 2015, average mortgage size increased 11.5% 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 98.6% of new home closings to 98.9% of closings while attached units have gone from 1.4% of closings to 1.1% of closings.
The average unit size of newly sold homes jumped 3.6% year-over-year to 2,804 square feet in July 2015. An increase was also seen in June 2015 when the average size of new homes sold gained 8.2% to 2,815 square feet. In June, the average size of new homes sold went from 2,601 square feet a year earlier to 2,815 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 13.4% of existing home closings, down from 14.7% a year earlier. The percentage of existing home closings involving foreclosures went from 6.7% in July 2014 to 7.5% in July 2015 and REO closings as a percentage of existing home closings slid to 6.0% from 7.9% a year earlier.