In the Santa Fe, NM market, closings of new homes declined year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 15 a year earlier to 8 after the figure moved from 18 in June 2015 to 7 in June 2016.
A total of 128 new homes were sold during the 12 months that ended in July, down from 135 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 3.3% from 5.2% a year earlier. Following a year-over-year decline in June, closings of new and existing homes also declined year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $259,186, down from last year's $293,781. This was on the heels of a 30.3% decline in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $257,142 to $245,637. Average mortgage size on new homes went from $276,297 in June 2015 to $219,470 in June 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 July 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 13.7% of existing closings, lower than 14.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.4% in July from 8.0% a year earlier while REO closings as a percentage of existing home closings increased to 10.3% from 6.2%.