In the Santa Fe, NM market in February, closings of new homes declined year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 16 a year earlier to 6 after the figure moved from 11 in January 2015 to 7 in January 2016.
A total of 182 new homes were sold during the 12 months that ended in February, down from 192 for the year that ended in January.
New home closings were 6 out of the 187 total closings, down on a percentage basis from 16 of 168 a year earlier. Closings of new and existing homes climbed year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $403,449 from $260,812 a year ago. This came after a 30.8% rise in January year-over-year.
Average mortgage size on new homes increased to $368,344 from $226,458 last year. Average mortgage size on new homes went from $181,134 in January 2015 to $264,151 in January 2016.
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 drop from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 16.0% of closings, below 16.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.8% in February from 5.9% a year earlier while REO closings as a percentage of existing home closings rose to 13.3% from 10.5%.