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San Antonio, TX - Newest New Home Sales Numbers Climb Year-Over-Year in November After Drop Year-Over-Year in October

Posted on: Feb 06, 2012 09:38:57 AM

In the San Antonio, TX market in November, new home sales increased year-over-year, swinging upward off a decline in October 2011. New home sales saw a rise of 1.3% from the year earlier to 551. This came on the heels of a 2.8% decline year-over-year in October.

A total of 6,674 new homes were sold during the 12 months that ended in November, up from 6,667 for the year that ended in October.

Of the total number of sales, new home sales made up 19.8%. A year earlier, new home sales represented 20.3% of total sales. Following a drop in October year-over-year, sales of new and existing homes rose year-over-year in November.

Pricing and Mortgage Trends

The average per-unit price of newly sold homes increased year-over-year to $214,187 in November, up 4.4% from last year. This rise is an improvement over the 3.8% rise in October year-over-year.

For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. The average mortgage size rose to $192,716 in November, marking a 3.6% rise compared with a year earlier. In October 2011, average mortgage size rose 5.1% from a year earlier. The overall percentage of sale price that was being financed went from 90.7% of average price to 90.0% from a year earlier. In October 2011, the figure saw a 1.1 percentage point rise from the year earlier.

Other Market Trends

There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home sales have moved from 98.9% of new home sales to 99.5% of sales while attached units have gone from 1.1% of sales to 0.5% of sales.

For all new homes sold, the average unit size fell 2.5% year-over-year to 2,111 square feet in November 2011. This decline was opposite the price rise, a pattern also seen in October 2011 when the average size of newly sold homes dipped 5.0% to 2,193 square feet.

Foreclosures and real estate owned (REO) sales stayed a drag on the market. Together, foreclosures plus REO sales accounted for 27.7% of existing home sales. They made up 34.0% in November 2010. The percentage of existing home sales involving foreclosures rose to 18.1% in November from 14.9% a year earlier while REO sales as a percentage of existing home sales declined to 9.6% from 19.2% a year earlier.

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