New home closings grew year-over-year in March in the San Antonio, TX market, rebounding from a year-over-year drop in February 2016. Closings climbed 4.9% from a year earlier to 837. This followed a 5.0% drop year-over-year in February.
A total of 8,743 new homes were sold during the 12 months that ended in March, up from 8,704 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 19.9% of overall housing closings. They accounted for 19.7% of closings a year earlier. Closings of new and existing homes grew year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
In March, the average price of newly sold homes jumped year-over-year to $284,408 per unit, a 4.2% surge. This lift is smaller than the 10.9% rise in February year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In March 2016, the average mortgage size was $262,363, up 5.1% from a year earlier. In February 2016, average mortgage size climbed 10.2% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016. Single-family home closings have accounted for 99.6% of new home closings while attached unit closings have made up 0.4% of closings.
There was a 5.7% boost year-over-year in the average unit size of newly sold homes to 2,642 square feet in March 2016. In February, the average size of new homes sold went from 2,434 square feet a year earlier to 2,598 square feet. An increase was also seen in February 2016 when the average size of new homes sold jumped 6.7% to 2,598 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 15.2% of existing home closings, below 16.6% a year earlier. The percentage of existing home closings involving foreclosures went from 7.9% in March 2015 to 7.0% in March 2016 and REO closings moved from 8.7% of existing home closings in March 2015 to 8.1% in March 2016.