Closings of new homes declined year-over-year in April in the San Angelo, TX market, and the decline was by a larger percentage than the March 2016. New home closings moved from 15 a year earlier to 1 after the figure moved from 11 in March 2015 to 1 in March 2016.
A total of 57 new homes were sold during the 12 months that ended in April, down from 71 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 0.7% from 7.7% a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $136,755, compared with $254,540 last year. This followed a more than threefold rise in March year-over-year.
The average mortgage size moved to $135,401, down from last year's $233,313. Average mortgage size on new homes went from $218,800 in March 2015 to $197,260 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 1,923 square feet a year earlier to 1,184 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 6.4% of existing home closings, below 11.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.4% in April from 5.0% a year earlier while REO closings as a percentage of existing home closings declined to 5.0% from 6.1% a year earlier.