In the San Angelo, TX market in December, new home closings fell year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 18 a year earlier to 5 after the figure moved from 15 in November 2014 to 1 in November 2015.
A total of 95 new homes were sold during the 12 months that ended in December, down from 108 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 3.7% from 9.3% a year earlier. Closings of new and existing homes dropped year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $283,833, an increase from $231,037 a year earlier. This was on the heels of a 17.4% gain in November year-over-year.
From the year-ago figure of $206,507, the average mortgage size on new homes moved up to $247,867. Average mortgage size on new homes went from $217,343 in November 2014 to $273,554 in November 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,834 square feet a year earlier to 2,197 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 7.8% of existing home closings, below 21.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.1% in December from 11.9% a year earlier while REO closings as a percentage of existing home closings sank to 4.7% from 9.1% a year earlier.