Closings of new homes slid year-over-year in April in the Las Cruces, NM market, and the decline was by a larger percentage than the March 2016. New home closings moved from 39 a year earlier to 10 after the figure moved from 42 in March 2015 to 32 in March 2016.

A total of 419 new homes were sold during the 12 months that ended in April, down from 448 for the year that ended in March.

Last year, 39 of 316 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 226 total closings. Following a year-over-year increase in March, closings of new and existing homes declined year-over-year in April.

Pricing and Mortgage Trends

The average new home price was $185,157, up from $174,394 a year earlier. This came after a 15.5% rise in March year-over-year.

Average mortgage size on new homes rose from $158,761 to $167,273. Average mortgage size gained 12.0% in March 2016 from a year earlier.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.

The average unit size of newly sold homes rose from 1,789 square feet a year earlier to 1,887 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.8% of closings, below 20.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.6% in April from 8.7% a year earlier while REO closings as a percentage of existing home closings dropped to 9.3% from 12.3% a year earlier.

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