In the Albuquerque, NM market, new home closings sank year-over-year in October, drawing a downward slope off of a rise in September 2015. New home closings saw a decline of 18.2% from the year earlier to 90. This came on the heels of a 4.1% boost year-over-year in September.
A total of 1,249 new homes were sold during the 12 months that ended in October, down from 1,269 for the year that ended in September.
New home closings made up 6.2% of overall housing closings. This is a decline 7.6% of closings a year earlier. After increasing in September from a year earlier, closings of new and existing homes remained level in October.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 2.2% fall year-over-year in October to $243,111 per unit. This fall compares to a 5.5% surge in September year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In October 2015, the average mortgage size on newly sold homes saw a 1.2% fall from a year earlier. In September 2015, average mortgage size on newly sold homes saw a 4.4% rise year-over-year from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings climbed from 5.5% of all closings in October 2014 to 10.0% of closings in October 2015. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 90.0% of closings from 94.5% of closings.
There was a 10.5% drop year-over-year in the average unit size of newly sold homes to 1,965 square feet in October 2015. The average size of newly sold homes moved from 2,138 square feet in September 2014 to 2,347 square feet in September 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 20.9% of closings, below 24.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.9% in October from 9.7% a year earlier while REO closings as a percentage of existing home closings declined to 13.0% from 14.4% a year earlier.