New home closings in the San Angelo, TX market declined year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 15 a year earlier to 1 after the figure moved from 16 in October 2014 to 5 in October 2015.
A total of 108 new homes were sold during the 12 months that ended in November, down from 122 for the year that ended in October.
New home closings represented 1 out of the 138 total closings, which is a smaller percentage than the 15 of 180 total closings a year earlier. For new and existing homes, closings declined in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $235,425 last year to $276,289. This followed a 10.7% gain in October year-over-year.
Average mortgage size on new homes increased to $273,554 from $217,343 last year. It went from $204,725 to $205,321 from October 2014 to October 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 November 2015.
The average unit size of newly sold homes rose from 1,908 square feet a year earlier to 1,958 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 13.1% of existing home closings, above 10.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.8% in November from 6.1% a year earlier and REO closings moved from 4.2% of existing home closings in November 2014 to 4.4% in November 2015.