Closings of new homes fell year-over-year in November in the Albuquerque, NM market, but the percentage drop was an improvement from October 2015, suggesting the market may be evening out. New home closings saw a 7.1% fall from a year earlier to 91. This came on the heels of a 12.8% drop year-over-year in October.
A total of 1,272 new homes were sold during the 12 months that ended in November, down from 1,279 for the year that ended in October.
As a percentage of overall housing closings, new home closings represented 7.3%. This is down from the 8.4% of closings a year earlier. For new and existing homes, closings rose year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $251,376 per unit in November, up 7.8%from a year earlier. This bump compares to a 2.6% drop in October from a year earlier.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. Average mortgage size rose 9.0% to $225,864 in November from a year earlier. Average mortgage size slid 2.0% in October 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes increased from 93.9% in November 2014 to 96.7% of closings in November 2015. Meanwhile, attached units as a percentage of all new home closings dropped to 3.3% of closings from 6.1% of closings.
The average unit size of newly sold homes went from 2,114 square feet in November 2014 to 2,107 square feet in November 2015. The average size of newly sold homes moved from 2,203 square feet in October 2014 to 1,965 square feet in October 2015. In October 2015, the average size of newly sold homes declined 10.8% from the year earlier.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 23.0% of existing home closings, above 20.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.0% in November from 7.6% a year earlier and REO closings moved from 12.7% of existing home closings in November 2014 to 11.9% in November 2015.