Closings of new homes in the San Antonio, TX market slid year-over-year in December, but the drop in percentage terms was not as steep as November 2015, signaling that the market may be stabilizing. Closings dropped 1.5% from a year earlier to 856. This was after the housing market saw a 12.0% drop year-over-year in November.
A total of 8,736 new homes were sold during the 12 months that ended in December, down from 8,749 for the year that ended in November.
As a percentage of overall housing closings, new home closings accounted for 22.1% of overall housing closings. A year ago, 21.4% of total closings were new home closings. For new and existing homes, closings declined in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 11.9% in December to $300,190 per unit. This rise is higher than the 3.4% lift in November year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It jumped 11.4% in December from a year earlier to $274,694. Average mortgage size increased 4.6% in November 2015 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 98.5% of new home closings to 99.1% of closings while attached units have gone from 1.5% of closings to 0.9% of closings.
The average unit size of newly sold homes gained 21.0% year-over-year to 3,016 square feet in December 2015. The average size of newly sold homes moved from 2,474 square feet in November 2014 to 2,636 square feet in November 2015. An increase was also seen in November 2015 when the average size of new homes sold gained 6.5% to 2,636 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 13.9% of existing closings, lower than 18.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.4% in December from 8.2% a year earlier while REO closings as a percentage of existing home closings dropped to 7.5% from 10.5% a year earlier.