In the Santa Fe, NM market, closings of new homes dropped year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 18 a year earlier to 7 after the figure moved from 24 in May 2015 to 10 in May 2016.
A total of 134 new homes were sold during the 12 months that ended in June, down from 145 for the year that ended in May.
Last year, 18 of 320 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 275 total closings. Closings of new and existing homes fell year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $231,537, down from last year's $331,997. This came after a 8.2% fall in May from a year earlier.
There was a decline in average mortgage size on new homes, going from $276,297 last year to $219,470 in June 2016. Average mortgage size on new homes went from $312,816 in May 2015 to $276,625 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.2% of closings, below 17.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.4% in June from 10.3% a year earlier while REO closings as a percentage of existing home closings climbed to 10.8% from 7.0%.