New home closings declined year-over-year in February in the San Angelo, TX market, but the decline was less than the year-over-year decline in January. New home closings moved from 11 a year earlier to 2 after the figure moved from 6 in January 2015 to 1 in January 2016.

A total of 81 new homes were sold during the 12 months that ended in February, down from 90 for the year that ended in January.

Last year, 11 of 163 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 154 total closings. For new and existing homes, closings declined in February after also declining in January year-over-year.

Pricing and Mortgage Trends

The average value of newly sold homes in February 2016 was $138,541, down from last year's $246,772. This followed a 21.1% drop in January from a year earlier.

There was a decline in average mortgage size on new homes, going from $227,063 last year to $141,368 in February 2016. Average mortgage size on new homes went from $177,650 in January 2015 to $142,958 in January 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 February 2016.

The average unit size of newly sold homes fell from 1,928 square feet a year earlier to 1,675 square feet.

Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 15.1% of existing home closings, above 13.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.6% in February from 4.6% a year earlier while REO closings as a percentage of existing home closings increased to 12.5% from 9.2%.

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