In the Las Cruces, NM market in February, new home closings fell year-over-year, but the decline was less than the year-over-year decline in January. New home closings moved from 28 a year earlier to 7 after the figure moved from 14 in January 2015 to 3 in January 2016.
A total of 199 new homes were sold during the 12 months that ended in February, down from 220 for the year that ended in January.
New home closings were 12.0% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 7 of the 381 total closings. Following a decline in January year-over-year, closings of new and existing homes climbed year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $260,265, an increase from $204,318 a year earlier. This came after a 65.1% boost in January year-over-year.
Average mortgage size on new homes increased to $208,212 from $186,110 last year. Average mortgage size on new homes went from $163,245 in January 2015 to $230,247 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
There was a move in the average unit size of newly sold homes from 1,834 square feet in February 2015 to 1,848 square feet in February 2016.
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. Together, foreclosures plus REO closings represented 11.0% of existing home closings, down from 17.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.5% in February from 5.8% a year earlier while REO closings as a percentage of existing home closings dropped to 7.5% from 11.2% a year earlier.