In January, there was a fall year-over-year in new home closings in the Las Cruces, NM market, but the decline was less than the year-over-year decline in December. New home closings moved from 14 a year earlier to 3 after the figure moved from 52 in December 2014 to 11 in December 2015.
A total of 218 new homes were sold during the 12 months that ended in January, down from 229 for the year that ended in December.
New home closings were 3 out of the 138 total closings, down on a percentage basis from 14 of 175 a year earlier. Following a period of little movement in December from a year earlier, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average new home value went from $174,424 last year to $287,908. This came after a 11.7% lift in December year-over-year.
The average mortgage size on new homes was $230,247, up from $163,245. Average mortgage size on new homes went from $194,018 in December 2014 to $216,801 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes fell from 1,887 square feet a year earlier to 1,674 square feet.
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 24.4% of existing home closings, up from 16.8% a year earlier. The percentage of existing home closings involving foreclosures went from 9.3% in January 2015 to 9.6% in January 2016 and REO closings as a percentage of existing home closings gained to 14.8% from 7.5%.