In July, there was a fall year-over-year in new home closings in the San Angelo, TX market, but the decline was less than the year-over-year decline in June. New home closings moved from 11 a year earlier to 10 after the figure moved from 11 in June 2014 to 7 in June 2015.
A total of 123 new homes were sold during the 12 months that ended in July, down from 124 for the year that ended in June.
New home closings were 10 out of the 232 total closings, a move on a percentage basis from 11 of 226 a year earlier. After dropping in June from a year earlier, closings of new and existing homes rose year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $200,902, down from $204,327 a year earlier. This came after a 21.9% hike in June year-over-year.
The average mortgage size on new homes was $198,189, up from $175,081. Average mortgage size on new homes went from $188,254 in June 2014 to $227,684 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes fell from 1,822 square feet a year earlier to 1,789 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 6.8% of closings, below 10.7% a year earlier. The percentage of existing home closings involving foreclosures went from 5.1% in July 2014 to 4.5% in July 2015 and REO closings as a percentage of existing home closings slid to 2.3% from 5.6% a year earlier.