New home closings declined year-over-year in December in the Las Cruces, NM market, and the decline was by a larger percentage than the November 2015. New home closings moved from 52 a year earlier to 11 after the figure moved from 26 in November 2014 to 8 in November 2015.
A total of 229 new homes were sold during the 12 months that ended in December, down from 270 for the year that ended in November.
New home closings represented 11 out of the 246 total closings, which is a smaller percentage than the 52 of 254 total closings a year earlier. Following a year-over-year rise in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes was $238,386, an increase from $213,500 a year earlier. This followed a 29.6% drop in November from a year earlier.
From the year-ago figure of $194,018, the average mortgage size on new homes moved up to $216,801. Average mortgage size on new homes went from $166,589 in November 2014 to $129,432 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 1,834 square feet a year earlier to 1,812 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 18.7% of closings, below 20.8% a year earlier. The percentage of existing home closings involving foreclosures went from 7.4% in December 2014 to 7.2% in December 2015 and REO closings as a percentage of existing home closings sank to 11.5% from 13.4% a year earlier.