New home closings climbed year-over-year in June in the San Antonio, TX market, moving north after a fall in May 2016. Closings increased 7.2% from a year earlier to 905. This came after a move from 763 in May 2015 to 761 in May 2016.
A total of 8,773 new homes were sold during the 12 months that ended in June, up from 8,712 for the year that ended in May.
Out of all housing closings, new home closings represented 18.7%. This is a lift from 17.3% of closings a year earlier. Following a period of little movement in May from a year earlier, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
In June, the average price of newly sold homes slid 1.2% year-over-year to $288,328 per unit. This decline compares to a 2.0% surge in May year-over-year.
Average mortgage size on new homes went from $266,947 in June 2015 to $266,140 in June 2016. Average mortgage size jumped 4.0% in May 2016 from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 98.6% of new home closings to 99.6% of closings while attached units have gone from 1.4% of closings to 0.4% of closings.
For all new homes sold, the average unit size climbed 3.5% year-over-year to 2,867 square feet in June 2016. The average size of newly sold homes moved from 2,677 square feet in May 2015 to 2,874 square feet in May 2016.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 13.1% of existing home closings, higher than 12.7% a year earlier. The percentage of existing home closings involving foreclosures went from 5.7% in June 2015 to 6.0% in June 2016 and REO closings as a percentage of existing home closings stayed level at 7.1%.