Prices of New Homes Climb in San Antonio, Sales Drop - July 2014
Posted on: Jul 08, 2014 07:03:11 AM
In the San Antonio, TX market, new home closings sank year-over-year in April, but the percentage decline was not as steep as March 2014, giving suggestion that the market may be stabilizing. From a year ago to April 2014, new home closings moved from 610 to 604. This came after new home closings dropped 1.6% in March from the year earlier.
A total of 7,890 new homes were sold during the 12 months that ended in April, down from 7,896 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 16.4% of overall housing closings. They represented 16.2% of closings a year earlier. After remaining steady in March from a year earlier, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $263,880 in April, up 10.0% from last year. This gain is better than the 5.5% bump in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size climbed 9.4% to $240,231 in April from a year earlier. In March 2014, average mortgage size rose 5.7% from a year earlier.