New home closings dropped year-over-year in June in the Santa Fe, NM market, and the decline was by a larger percentage than the May 2016. New home closings moved from 18 a year earlier to 7 after the figure moved from 24 in May 2015 to 10 in May 2016.
A total of 134 new homes were sold during the 12 months that ended in June, down from 145 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 2.5% from 5.6% a year earlier. For new and existing homes, closings sank in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $231,537, compared with $331,997 last year. This came after a 8.2% fall in May from a year earlier.
The average mortgage size went down to $219,470 from $276,297 a year earlier. Average mortgage size on new homes went from $312,816 in May 2015 to $276,625 in May 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 drop from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 14.2% of existing home closings, below 17.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.4% in June from 10.3% a year earlier while REO closings as a percentage of existing home closings grew to 10.8% from 7.0%.