Closings of new homes in the San Angelo, TX market slid year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 13 a year earlier to 8 after the figure moved from 13 in July 2014 to 10 in July 2015.
A total of 131 new homes were sold during the 12 months that ended in August, down from 136 for the year that ended in July.
Last year, 13 of 211 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 195 total closings. Following a year-over-year increase in July, closings of new and existing homes fell year-over-year in August.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $278,745 from $249,376 a year ago. This followed a 2.0% fall in July from a year earlier.
Average mortgage size on new homes rose from $218,913 to $251,179. Average mortgage size on new homes went from $182,673 in July 2014 to $202,698 in July 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 August 2015.
The average unit size of newly sold homes fell from 2,090 square feet a year earlier to 2,052 square feet.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 8.0% of existing home closings, up from 7.1% a year earlier. The percentage of existing home closings involving foreclosures went from 3.5% in August 2014 to 4.3% in August 2015 and REO closings moved from 3.5% of existing home closings in August 2014 to 3.7% in August 2015.