In the Santa Fe, NM market, closings of new homes fell year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 24 a year earlier to 10 after the figure moved from 18 in April 2015 to 3 in April 2016.
A total of 145 new homes were sold during the 12 months that ended in May, down from 159 for the year that ended in April.
New home closings were 10 out of the 267 total closings, down on a percentage basis from 24 of 284 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $336,753, down from $366,650 a year earlier. This came after a 15.5% fall in April from a year earlier.
The average mortgage size went down to $276,625 from $312,816 a year earlier. Average mortgage size on new homes went from $204,165 in April 2015 to $244,100 in April 2016.
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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 11.3% of closings, below 18.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.9% in May from 8.1% a year earlier while REO closings as a percentage of existing home closings sank to 7.4% from 10.0% a year earlier.