In September, closings of new homes in the San Antonio, TX market jumped year-over-year, but the market seemed to show signs of stabilizing as the percentage rose was less than in August 2015. New home closings saw a jump of 3.1% from the year earlier to 707. This came on the heels of a 19.3% boost year-over-year in August.
A total of 8,716 new homes were sold during the 12 months that ended in September, up from 8,695 for the year that ended in August.
As a percentage of overall housing closings, new home closings represented 15.6%. This is down from the 19.2% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
The average price of newly sold homes increased year-over-year 6.9% in September to $275,159 per unit. This hike is smaller than the 7.0% gain in August year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In September 2015, the average mortgage size was $253,868, a 7.0% lift from a year earlier. Average mortgage size climbed 8.1% in August 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes grew from 97.5% in September 2014 to 99.0% of closings in September 2015. Conversely, the share of new home closings belonging to attached units slid to 1.0% of closings from 2.5% of closings.
There was a 11.8% hike year-over-year in the average unit size of newly sold homes to 2,757 square feet in September 2015. In August, the average size of new homes sold went from 2,446 square feet a year earlier to 2,904 square feet. An increase in both the average size and price of newly sold homes was also seen in August 2015 when the average size climbed 18.7% to 2,904 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 19.4% of existing home closings, above 17.2% a year earlier. The percentage of existing home closings involving foreclosures went from 8.2% in September 2014 to 7.9% in September 2015 and REO closings as a percentage of existing home closings gained to 11.5% from 9.0%.