New home closings slid year-over-year in September in the Santa Fe, NM market, sliding down after a hike in August 2015. New home closings saw a 16.7% drop from a year earlier to 20. This came on the heels of a 18.8% boost year-over-year in August.
A total of 169 new homes were sold during the 12 months that ended in September, down from 173 for the year that ended in August.
Out of all housing closings, new home closings made up 7.1%. This is down from the 9.4% of closings a year earlier. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 14.5% bump year-over-year in September to $288,384 per unit. This surge compares to a 23.5% decline in August from a year earlier.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. It jumped 16.0% in September from a year earlier to $249,007. Average mortgage size declined 18.7% in August 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have slumped. Attached unit closings rose from no part of all closings in September 2014 to 5.0% of closings in September 2015. At the same time, the share belonging to single-family homes slid to 95.0% of closings from all of closings.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 14.5% of existing home closings, up from 10.8% a year earlier. The percentage of existing home closings involving foreclosures went from 6.1% in September 2014 to 6.5% in September 2015 and REO closings as a percentage of existing home closings increased to 8.0% from 4.8%.