Closings of new homes in the Santa Fe, NM market dropped year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 11 a year earlier to 7 after the figure moved from 16 in December 2014 to 7 in December 2015.

A total of 189 new homes were sold during the 12 months that ended in January, down from 193 for the year that ended in December.

New home closings were 5.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 7 of the 186 total closings. After increasing in December from a year earlier, closings of new and existing homes remained level in January.

Pricing and Mortgage Trends

The average price of new homes rose to $273,795 from last year's $209,283. This was on the heels of a 43.8% gain in December year-over-year.

From the year-ago figure of $181,134, the average mortgage size on new homes moved up to $264,151. Average mortgage size on new homes went from $213,270 in December 2014 to $279,384 in December 2015.

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 January, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 12.3% of existing home closings, below 23.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.8% in January from 9.7% a year earlier while REO closings as a percentage of existing home closings slid to 9.5% from 13.6% a year earlier.

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