In March, closings of new homes grew year-over-year in the Albuquerque, NM market, snapping back from a fall in February 2016. New home closings saw a 2.5% boost from a year earlier to 123. This followed a 4.3% fall year-over-year in February.
A total of 1,352 new homes were sold during the 12 months that ended in March, up from 1,349 for the year that ended in February.
New home closings represented 8.1% of overall housing closings. A year ago, 7.9% of total closings were new home closings. After new and existing closings rose in February year-over-year, they stayed level in March.
Pricing and Mortgage Trends
The average price of newly sold homes increased year-over-year 8.9% in March to $261,229 per unit. This gain is smaller than the 10.6% surge in February year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In March 2016, the average mortgage size was $234,977, a 8.8% boost from a year earlier. Average mortgage size jumped 10.8% in February 2016 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units grew from 3.3% of closings in March 2015 to 10.6% of closings in March 2016. At the same time, the share belonging to single-family homes slid to 89.4% of closings from 96.7% of closings.
The average unit size of newly sold homes gained 12.5% year-over-year to 2,409 square feet in March 2016. The average size of newly sold homes moved from 2,047 square feet in February 2015 to 2,073 square feet in February 2016. An increase was also seen in February 2016 when the average size of new homes sold rose 1.3% to 2,073 square feet.
Out of all existing home closings, foreclosures combined with REO closings accounted for 22.7% of closings. They represented 22.8% in March 2015. The percentage of existing home closings involving foreclosures rose to 11.4% in March from 9.4% a year earlier while REO closings as a percentage of existing home closings sank to 11.4% from 13.4% a year earlier.