There was an increase in new home closings in the Albuquerque, NM market in March year-over-year, picking up from a decline in February 2016. New home closings saw a 2.5% hike from a year earlier to 123. This came on the heels of a 4.3% decline year-over-year in February.
A total of 1,352 new homes were sold during the 12 months that ended in March, up from 1,349 for the year that ended in February.
Out of all housing closings, new home closings accounted for 8.1%. New home closings were 7.9% of overall closings last year. Closings of new and existing homes remained steady in March after rising in February year-over-year.
Pricing and Mortgage Trends
In March, the average value of new homes saw a 8.9% lift year-over-year as it grew to $261,229 per unit. This hike is smaller than the 10.6% gain in February year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It climbed 8.8% in March from a year earlier to $234,977. In February 2016, average mortgage size on newly sold homes saw a 10.8% bump year-over-year from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings climbed from 3.3% of all closings in March 2015 to 10.6% of closings in March 2016. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 89.4% of closings from 96.7% of closings.
The average unit size of newly sold homes increased 12.5% year-over-year to 2,409 square feet in March 2016. In February, the average size of new homes sold went from 2,047 square feet a year earlier to 2,073 square feet. An increase was also seen in February 2016 when the average size of new homes sold jumped 1.3% to 2,073 square feet.
Together, foreclosures plus REO closings made up 22.7% of existing home closings. They represented 22.8% in March 2015. The percentage of existing home closings involving foreclosures rose to 11.4% in March from 9.4% a year earlier while REO closings as a percentage of existing home closings fell to 11.4% from 13.4% a year earlier.