New Home Prices Increase in San Antonio According to Latest Figures, Sales Fall
Posted on: May 06, 2013 07:32:41 AM
In the San Antonio, TX market in February, new home closings slipped year-over-year, a shift downward off a bump in January 2013. Closings declined 1.8% from a year earlier to 493. This was after the housing market saw a 21.6% hike year-over-year in January.
A total of 6,979 new homes were sold during the 12 months that ended in February, down from 6,988 for the year that ended in January.
Of the total number of closings, new home closings made up 17.6%. They accounted for 17.3% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 6.5% in February to $237,983 per unit. This rise is better than the 3.1% rise in January year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $216,323 in February, marking a 4.8% rise compared with a year earlier. In January 2013, average mortgage size increased 1.1% from a year earlier. For new home closings, the percentage of the sale price that was being financed declined 1.5 percentage points year-over-year to 90.9% in February 2013.
New Home Prices Increase in San Antonio According to Latest Figures, Sales Fall
Posted on: May 06, 2013 07:32:41 AM
In the San Antonio, TX market in February, new home closings slipped year-over-year, a shift downward off a bump in January 2013. Closings declined 1.8% from a year earlier to 493. This was after the housing market saw a 21.6% hike year-over-year in January.
A total of 6,979 new homes were sold during the 12 months that ended in February, down from 6,988 for the year that ended in January.
Of the total number of closings, new home closings made up 17.6%. They accounted for 17.3% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 6.5% in February to $237,983 per unit. This rise is better than the 3.1% rise in January year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $216,323 in February, marking a 4.8% rise compared with a year earlier. In January 2013, average mortgage size increased 1.1% from a year earlier. For new home closings, the percentage of the sale price that was being financed declined 1.5 percentage points year-over-year to 90.9% in February 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family home closings have made up 99.2% of new home closings while attached unit closings have accounted for 0.8% of closings.
The average unit size of newly sold homes sank 19.8% year-over-year to 1,872 square feet in February 2013. For newly sold homes, an average size decline contrasting with an average price rise was also seen in January 2013 when the average size of newly sold homes dropped 25.0% to 1,884 square feet.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Combined, foreclosures plus REO closings represented 29.4% of existing home closings. In February 2012, they accounted for 33.4%. The percentage of existing home closings involving foreclosures slipped to 16.1% in February from 17.8% a year earlier while REO closings as a percentage of existing home closings dipped to 13.3% from 15.6% a year earlier.
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Source: Housing Intelligence