New home closings dropped year-over-year in December in the Las Vegas, NV market, a shift downward off a bump in November 2015. New home closings saw a 1.8% fall from a year earlier to 549. In comparison, new home closings in the same month last year saw a 6.0% hike year-over-year in November.
A total of 6,817 new homes were sold during the 12 months that ended in December, down from 6,827 for the year that ended in November.
Out of all housing closings, new home closings accounted for 13.0%. This is better than the 11.8% of closings a year earlier. Closings of new and existing homes dropped year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year in December to $354,775 per unit, a rise of 8.5%. This bump is better than the 1.2% rise in November year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In December 2015, the average mortgage size on newly sold homes saw a 9.0% lift from a year earlier. It went from $301,140 to $299,527 from November 2014 to November 2015.
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. Single-family home closings rose from 92.8% of new closings in December 2014 to 94.4% of closings in December 2015. At the same time, the share of new home closings belonging to attached units fell to 5.6% of closings from 7.2% of closings.
The average unit size of newly sold homes went from 2,363 square feet in December 2014 to 2,343 square feet in December 2015. In November 2015, the average size of newly sold homes jumped 3.5% from the year earlier. The average size of newly sold homes moved from 2,494 square feet in November 2014 to 2,582 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 23.6% of closings, below 27.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.7% in December from 15.3% a year earlier while REO closings as a percentage of existing home closings gained to 12.9% from 11.8%.