Closings of new homes in the Santa Fe, NM market sank year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 18 a year earlier to 3 after the figure moved from 16 in March 2015 to 8 in March 2016.

A total of 159 new homes were sold during the 12 months that ended in April, down from 174 for the year that ended in March.

On a percentage basis, new home closings as a part of total closings decreased to 1.3% from 6.4% a year earlier. After rising year-over-year in March, closings of new and existing homes slid year-over-year in April.

Pricing and Mortgage Trends

The average per-unit price of new homes was $194,032, compared with $229,664 last year. This followed a 26.3% surge in March year-over-year.

Average mortgage size on new homes went from $204,165 a year earlier to $244,100. Average mortgage size on new homes went from $203,218 in March 2015 to $235,717 in March 2016.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 12.7% of existing home closings, below 15.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.1% in April from 6.1% a year earlier and REO closings moved from 9.5% of existing home closings in April 2015 to 8.6% in April 2016.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Santa Fe, NM area.