There was an increase in closings of new homes in the San Antonio, TX market in August year-over-year, and the percentage bump was higher than July 2015, implying the market may be improving. Closings gained 18.2% from a year earlier to 797. This followed a 2.2% hike year-over-year in July.
A total of 8,539 new homes were sold during the 12 months that ended in August, up from 8,416 for the year that ended in July.
Of 4,326 total closings, 797 were of new homes. This is an increase on a percentage basis, as new home closings were 16.3% of total closings a year ago. For new and existing homes, closings increased year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
In August, the average value of new homes saw a 6.8% bump year-over-year as it grew to $279,041 per unit. This boost is smaller than the 7.4% gain in July year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size saw a 8.0% boost year-over-year to $257,462 in August. In July 2015, average mortgage size on newly sold homes saw a 8.0% lift year-over-year 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 98.1% of new home closings to 98.9% of closings while attached units have gone from 1.9% of closings to 1.1% of closings.
The average unit size of newly sold homes climbed 18.9% year-over-year to 2,907 square feet in August 2015. An increase in both the average size and price of newly sold homes was also seen in July 2015 when the average size grew 10.6% to 2,780 square feet. The average size of newly sold homes moved from 2,513 square feet in July 2014 to 2,780 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 14.3% of existing home closings, below 17.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.9% in August from 8.9% a year earlier while REO closings as a percentage of existing home closings declined to 7.4% from 8.9% a year earlier.