In December, the Santa Fe, NM market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the November 2015. New home closings moved from 16 a year earlier to 7 after the figure moved from 11 in November 2014 to 7 in November 2015.
A total of 194 new homes were sold during the 12 months that ended in December, down from 203 for the year that ended in November.
New home closings were 7.1% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 7 of the 236 total closings. Closings of new and existing homes jumped year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $332,980 from last year's $231,517. This was on the heels of a 26.3% surge in November year-over-year.
The average mortgage size on new homes was $279,384, up from $213,270. Average mortgage size on new homes went from $220,790 in November 2014 to $250,076 in November 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 14.8% of existing home closings, down from 18.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.8% in December from 6.7% a year earlier while REO closings as a percentage of existing home closings declined to 10.0% from 11.5% a year earlier.