New home closings gained year-over-year in August in the Albuquerque, NM market, snapping back from a decline in July 2015. Closings gained 28.7% from a year earlier to 121. This came on the heels of a 22.6% fall year-over-year in July.
A total of 1,260 new homes were sold during the 12 months that ended in August, up from 1,233 for the year that ended in July.
As a percentage of overall housing closings, new home closings accounted for 7.5%. This is an increase on a percentage basis, as new home closings were 6.4% of total closings a year ago. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 6.0% bump year-over-year in August to $248,541 per unit. This surge follows a move from $240,793 per unit in July 2014 to $241,450 in July 2015.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. In August 2015, the average mortgage size was $221,106, a 6.6% bump from a year earlier. Average mortgage size went from $213,297 in July 2014 to $211,881 in July 2015.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes climbed from 93.6% in August 2014 to 97.5% of closings in August 2015. At the same time, the share of new home closings belonging to attached units sank to 2.5% of closings from 6.4% of closings.
The average unit size of newly sold homes rose 15.3% year-over-year to 2,439 square feet in August 2015. The average size of newly sold homes moved from 2,100 square feet in July 2014 to 2,136 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 17.0% of existing home closings, below 25.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.4% in August from 11.5% a year earlier while REO closings as a percentage of existing home closings dropped to 9.6% from 14.0% a year earlier.