In the San Angelo, TX market, new home closings fell year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 11 a year earlier to 1 after the figure moved from 11 in February 2015 to 2 in February 2016.
A total of 71 new homes were sold during the 12 months that ended in March, down from 81 for the year that ended in February.
Last year, 11 of 199 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 184 total closings. Following a year-over-year decline in February, closings of new and existing homes also declined year-over-year in March.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $5,249,233.00 from $241,710 a year ago. This was on the heels of a 43.9% fall in February from a year earlier.
The average mortgage size moved to $197,260, down from last year's $218,800. Average mortgage size on new homes went from $227,063 in February 2015 to $141,368 in February 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 March 2016.
The average unit size of newly sold homes fell from 1,840 square feet a year earlier to 1,577 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 11.5% of closings, below 13.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.0% in March from 10.6% a year earlier while REO closings as a percentage of existing home closings jumped to 5.5% from 2.7%.