In the Las Cruces, NM market in April, new home closings dropped year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 39 a year earlier to 10 after the figure moved from 42 in March 2015 to 32 in March 2016.
A total of 419 new homes were sold during the 12 months that ended in April, down from 448 for the year that ended in March.
New home closings represented 10 out of the 226 total closings, which is a smaller percentage than the 39 of 316 total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $185,157, an increase from $174,394 a year earlier. This was on the heels of a 15.5% gain in March year-over-year.
Average mortgage size on new homes rose from $158,761 to $167,273. In March 2016, average mortgage size on newly sold homes saw a 12.0% surge year-over-year from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes rose from 1,789 square feet a year earlier to 1,887 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 14.8% of closings, below 20.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.6% in April from 8.7% a year earlier while REO closings as a percentage of existing home closings declined to 9.3% from 12.3% a year earlier.