In the San Angelo, TX market, closings of new homes slid year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 6 a year earlier to 1 after the figure moved from 18 in December 2014 to 5 in December 2015.
A total of 90 new homes were sold during the 12 months that ended in January, down from 95 for the year that ended in December.
Last year, 6 of 144 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 131 total closings. Following a year-over-year decline in December, closings of new and existing homes also fell year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $142,958, down from $181,113 a year earlier. This came after a move from $231,037 per unit to $231,563 from December 2014 to December 2015.
The average mortgage size moved to $142,958, down from last year's $177,650. Average mortgage size on new homes went from $206,507 in December 2014 to $200,850 in December 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 January 2016.
The average unit size of newly sold homes fell from 1,620 square feet a year earlier to 1,550 square feet.
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 20.0% of existing home closings, higher than 10.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.6% in January from 6.5% a year earlier while REO closings as a percentage of existing home closings gained to 5.4% from 3.6%.