In the Las Cruces, NM market in July, new home closings sank year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 44 a year earlier to 14 after the figure moved from 42 in June 2015 to 15 in June 2016.
A total of 337 new homes were sold during the 12 months that ended in July, down from 367 for the year that ended in June.
New home closings were 14 out of the 259 total closings, down on a percentage basis from 44 of 320 a year earlier. For new and existing homes, closings declined in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average new home value went from $205,045 last year to $217,042. This came after a 2.0% fall in June from a year earlier.
From the year-ago figure of $176,994, the average mortgage size on new homes moved up to $200,646. Average mortgage size fell 3.0% in June 2016 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
The average unit size of newly sold homes went from 1,826 square feet in July 2015 to 1,821 square feet in July 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 14.7% of closings, below 16.7% a year earlier. The percentage of existing home closings involving foreclosures stayed at 6.5% of closings in July from a year earlier while REO closings as a percentage of existing home closings dropped to 8.2% from 10.1% a year earlier.