In the Las Cruces, NM market, closings of new homes declined year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 8 a year earlier to 1 after the figure moved from 5 in July 2014 to 2 in July 2015.
A total of 39 new homes were sold during the 12 months that ended in August, down from 46 for the year that ended in July.
New home closings represented 1 out of the 251 total closings, which is a smaller percentage than the 8 of 219 total closings a year earlier. Closings of new and existing homes grew year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $189,454, up from $139,607 a year earlier. This followed a 52.1% rise in July year-over-year.
The average mortgage size on new homes was $187,579, up from $124,226. Average mortgage size on new homes went from $178,892 in July 2014 to $230,000 in July 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 August 2015.
The average unit size of newly sold homes fell from 1,745 square feet a year earlier to 1,706 square feet.
Together, foreclosures plus REO closings accounted for 20.0% of existing home closings. In August 2014, they accounted for 19.9%. The percentage of existing home closings involving foreclosures went from 10.4% in August 2014 to 10.0% in August 2015 and REO closings moved from 9.5% of existing home closings in August 2014 to 10.0% in August 2015.