In the Las Cruces, NM market, closings of new homes dropped year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 26 a year earlier to 8 after the figure moved from 31 in October 2014 to 8 in October 2015.
A total of 270 new homes were sold during the 12 months that ended in November, down from 288 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 4.2% from 13.9% a year earlier. Closings of new and existing homes increased year-over-year in November following a drop in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $131,072, down from $186,126 a year earlier. This was on the heels of a 5.0% lift in October year-over-year.
There was a decline in average mortgage size on new homes, going from $166,589 last year to $129,432 in November 2015. Average mortgage size on new homes went from $188,703 in October 2014 to $193,316 in October 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 November 2015.
The average unit size of newly sold homes fell from 1,887 square feet a year earlier to 1,790 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.5% of existing home closings, higher than 15.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.6% in November from 9.3% a year earlier while REO closings as a percentage of existing home closings rose to 9.9% from 6.2%.