In the Santa Fe, NM market in August, closings of new homes sank year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 15 a year earlier to 12 after the figure moved from 13 in July 2014 to 12 in July 2015.
A total of 162 new homes were sold during the 12 months that ended in August, down from 165 for the year that ended in July.
New home closings were 12 out of the 244 total closings, down on a percentage basis from 15 of 238 a year earlier. Closings of new and existing homes climbed year-over-year in August following a fall in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $191,051, compared with $269,976 last year. This followed a 26.4% rise in July year-over-year.
The average mortgage size went down to $168,665 from $225,948 a year earlier. Average mortgage size on new homes went from $170,815 in July 2014 to $228,289 in July 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 13.8% of existing home closings, below 16.1% a year earlier. The percentage of existing home closings involving foreclosures went from 5.8% in August 2014 to 6.5% in August 2015 and REO closings as a percentage of existing home closings fell to 7.3% from 10.3% a year earlier.