Closings of new homes in the Las Cruces, NM market fell year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 40 a year earlier to 12 after the figure moved from 39 in April 2015 to 10 in April 2016.
A total of 391 new homes were sold during the 12 months that ended in May, down from 419 for the year that ended in April.
New home closings were 13.3% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 12 of the 298 total closings. After a decline in April year-over-year, new and existing home closings stayed level in May.
Pricing and Mortgage Trends
The average price of new homes rose to $223,022 from last year's $207,052. This followed a 6.2% hike in April year-over-year.
From the year-ago figure of $184,246, the average mortgage size on new homes moved up to $200,357. Average mortgage size on new homes went from $158,761 in April 2015 to $167,273 in April 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 May 2016.
The average unit size of newly sold homes fell from 1,907 square feet a year earlier to 1,883 square feet.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 17.5% of existing home closings, up from 17.3% a year earlier. The percentage of existing home closings involving foreclosures went from 5.8% in May 2015 to 6.3% in May 2016 and REO closings moved from 11.5% of existing home closings in May 2015 to 11.2% in May 2016.