In April, closings of new homes in the Albuquerque, NM market rose year-over-year, and there were hints of strengthening market conditions as the percentage lift was an greater than March 2016. New home closings saw a climb of 8.5% from the year earlier to 115. This was after the housing market saw a 4.2% climb year-over-year in March.
A total of 1,363 new homes were sold during the 12 months that ended in April, up from 1,354 for the year that ended in March.
Of the total number of closings, new home closings made up 7.1%. As a part of the whole, new home closings were 7.3% a year earlier. For new and existing homes, closings climbed year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 2.4% in April to $246,769 per unit. This boost is smaller than the 8.6% hike in March year-over-year.
For newly sold homes, the average mortgage size saw a surge year-over-year along with new home prices. The average mortgage size saw a 1.7% bump year-over-year to $222,751 in April. In March 2016, average mortgage size on newly sold homes saw a 8.6% gain year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. The share of new home closings belonging to attached units increased from 0.9% of closings in April 2015 to 6.1% of closings in April 2016. Conversely, the share belonging to single-family homes dropped to 93.9% of closings from 99.1% of closings.
For all new homes sold, the average unit size fell 2.6% year-over-year to 1,971 square feet in April 2016. The average size of newly sold homes moved from 2,141 square feet in March 2015 to 2,409 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 18.7% of existing home closings, down from 19.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.0% in April from 9.4% a year earlier while REO closings as a percentage of existing home closings grew to 11.6% from 10.5%.