There was an increase in new home closings in the Albuquerque, NM market in December year-over-year, recovering from a drop in November 2015. There was a 31.4% boost in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 6.1% fall year-over-year in November.
A total of 1,313 new homes were sold during the 12 months that ended in December, up from 1,275 for the year that ended in November.
Out of all housing closings, new home closings accounted for 10.5%. This is a surge from 9.2% of closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also increased year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year 6.8% in December to $271,328 per unit. This rise is smaller than the 7.8% boost in November year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. It rose to $239,678 in December, a 5.8% rise. Average mortgage size grew 9.0% in November 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have fallen. Attached unit closings increased from 1.7% of all closings in December 2014 to 3.8% of closings in December 2015. Conversely, the share belonging to single-family homes declined to 96.2% of closings from 98.3% of closings.
There was a 5.6% decline year-over-year in the average unit size of newly sold homes to 1,985 square feet in December 2015. The average size of newly sold homes moved from 2,114 square feet in November 2014 to 2,107 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 21.5% of existing closings, lower than 22.7% a year earlier. The percentage of existing home closings involving foreclosures went from 8.5% in December 2014 to 7.7% in December 2015 and REO closings moved from 14.2% of existing home closings in December 2014 to 13.8% in December 2015.