In the Albuquerque, NM market, new home closings dropped year-over-year in July, shifting downward off a boost in June 2015. New home closings saw a 23.7% decline from a year earlier to 90. This came on the heels of a 15.6% climb year-over-year in June.
A total of 1,238 new homes were sold during the 12 months that ended in July, down from 1,266 for the year that ended in June.
Out of all housing closings, new home closings made up 5.5%. This is down from the a year earlier when new home closings accounted for 7.5% of total closings. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes dropped by 1.3% year-over-year to $240,344 per unit in July. This drop compares to a 5.2% boost in June year-over-year.
The average mortgage size on newly sold homes sank year-over-year in contrast to the average price of new homes. In July 2015, the average mortgage size on newly sold homes saw a 2.4% drop from a year earlier. In June 2015, average mortgage size climbed 3.8% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings rose from 95.8% of new closings in July 2014 to 97.8% of closings in July 2015. At the same time, the share of new home closings belonging to attached units fell to 2.2% of closings from 4.2% of closings.
The average unit size of newly sold homes declined 2.3% year-over-year to 2,081 square feet in July 2015. In June, the average size of new homes sold went from 1,959 square feet a year earlier to 2,112 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 17.1% of existing closings, lower than 24.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.2% in July from 11.3% a year earlier while REO closings as a percentage of existing home closings slid to 10.8% from 12.8% a year earlier.