In October, there was an increase in closings of new homes in the San Antonio, TX market year-over-year, moving upward off a decline in September 2012. Closings increased 13.5% from a year earlier to 582, relative to a 2.1% decline in September from the year earlier.
A total of 6,765 new homes were sold during the 12 months that ended in October, up from 6,696 for the year that ended in September.
Of the total number of closings, new home closings made up 17.2%. As a part of the whole, new home closings were 17.6% a year earlier. After dropping in September from a year earlier, closings of new and existing homes jumped year-over-year in October.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 1.3% in October to $225,030 per unit. This rise is smaller than the 1.7% rise in September year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In October 2012, the average mortgage size was $207,600, up 1.7% from a year earlier. Average mortgage size rose 1.1% in September 2012 from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 91.9% of average price to 92.3% from a year earlier. It moved from 92.8% in September 2011 to 92.1% in September 2012.
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 all of new home closings to 99.8% of closings while attached units have gone from no part of closings to 0.2% of closings.
The average unit size of newly sold homes slipped 6.5% year-over-year to 2,070 square feet in October 2012. The average size of newly sold homes moved from 2,147 square feet in September 2011 to 2,414 square feet in September 2012.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Combined, foreclosures plus REO closings accounted for 29.1% of existing home closings. In October 2011, they made up 31.4%. The percentage of existing home closings involving foreclosures dipped to 13.6% in October from 16.5% a year earlier and REO closings moved from 14.9% of existing home closings in October 2011 to 15.5% in October 2012.
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