Closings of new homes in the Santa Fe, NM market fell year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 13 a year earlier to 12 after the figure moved from 21 in June 2014 to 15 in June 2015.
A total of 165 new homes were sold during the 12 months that ended in July, down from 166 for the year that ended in June.
New home closings were 12 out of the 261 total closings, a move on a percentage basis from 13 of 275 a year earlier. Following a year-over-year rise in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $208,471 last year to $263,539. This followed a 89.9% hike in June year-over-year.
Average mortgage size on new homes went from $170,815 a year earlier to $228,289. Average mortgage size jumped 65.1% in June 2015 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 12.0% of existing home closings, below 20.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.2% in July from 8.4% a year earlier while REO closings as a percentage of existing home closings sank to 6.8% from 12.2% a year earlier.