There was an increase in closings of new homes in the San Antonio, TX market in January year-over-year, and the percentage surge, which was better than December 2012, suggested the market may be improving. Closings climbed 21.2% from a year earlier to 451, relative to a move from 613 in December 2011 to 617 in December 2012.
A total of 6,970 new homes were sold during the 12 months that ended in January, up from 6,891 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 18.1%. This is a rise from 15.6% of closings a year earlier. Closings of new and existing homes rose year-over-year in January following a decline in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 3.0% in January to $233,684 per unit. This rise is smaller than the 8.7% rise in December year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In January 2013, average mortgage size increased 1.0% from a year earlier to $211,430. In December 2012, average mortgage size rose 6.5% from a year earlier. For new home closings, the percentage of the sale price that was being financed fell 1.7 percentage points year-over-year to 90.5% in January 2013.
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 closings have moved from 99.5% of new home closings to 98.7% of closings while attached units have gone from 0.5% of closings to 1.3% of closings.
The average unit size of newly sold homes declined 25.0% year-over-year to 1,884 square feet in January 2013. The average size of newly sold homes moved from 2,504 square feet in December 2011 to 2,803 square feet in December 2012.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 28.1% of closings. In January 2012, they accounted for 34.2%. The percentage of existing home closings involving foreclosures slipped to 10.6% in January from 18.0% a year earlier while REO closings as a percentage of existing home closings increased to 17.4% from 16.2%.
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