In the Albuquerque, NM market in April, new home closings rose year-over-year, and the percentage hike, which was better than March 2016, suggested the market may be improving. There was a 8.5% climb in new home closings from a year earlier. This was after the housing market saw a 4.2% jump year-over-year in March.
A total of 1,363 new homes were sold during the 12 months that ended in April, up from 1,354 for the year that ended in March.
Of the total number of closings, new home closings made up 7.1%. A year ago, new home closings made up 7.3%. Following a year-over-year increase in March, closings of new and existing homes also climbed year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes climbed 2.4% year-over-year to $246,769 per unit. This gain is smaller than the 8.6% boost in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2016, average mortgage size gained 1.7% from a year earlier to $222,751. In March 2016, average mortgage size on newly sold homes saw a 8.6% gain year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have fallen. Attached unit closings increased from 0.9% of all closings in April 2015 to 6.1% of closings in April 2016. At the same time, the share belonging to single-family homes fell to 93.9% of closings from 99.1% of closings.
The average unit size of newly sold homes dropped 2.6% year-over-year to 1,971 square feet in April 2016. In March, the average size of new homes sold went from 2,141 square feet a year earlier to 2,409 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 18.7% of closings, below 19.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.0% in April from 9.4% a year earlier while REO closings as a percentage of existing home closings increased to 11.6% from 10.5%.