The Santa Fe, NM market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 16 a year earlier to 8 after the figure moved from 16 in February 2015 to 6 in February 2016.

A total of 174 new homes were sold during the 12 months that ended in March, down from 182 for the year that ended in February.

Last year, 16 of 260 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 260 total closings. After increasing in February from a year earlier, closings of new and existing homes remained level in March.

Pricing and Mortgage Trends

The average new home price was $280,860, up from $222,417 a year earlier. This was on the heels of a 54.7% surge in February year-over-year.

Average mortgage size on new homes went from $203,218 a year earlier to $235,717. Average mortgage size on new homes went from $226,458 in February 2015 to $368,344 in February 2016.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.

Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 18.7% of existing home closings, above 15.6% a year earlier. The percentage of existing home closings involving foreclosures went from 6.1% in March 2015 to 6.0% in March 2016 and REO closings as a percentage of existing home closings jumped to 12.7% from 9.4%.

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