The Las Cruces, NM market saw a drop in new home closings year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 8 a year earlier to 2 after the figure moved from 8 in August 2014 to 1 in August 2015.
A total of 32 new homes were sold during the 12 months that ended in September, down from 38 for the year that ended in August.
New home closings were 2 out of the 206 total closings, down on a percentage basis from 8 of 239 a year earlier. After rising year-over-year in August, closings of new and existing homes fell year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes rose to $228,462 from last year's $159,251. This followed a 35.7% bump in August year-over-year.
Average mortgage size on new homes went from $144,520 a year earlier to $233,125. Average mortgage size on new homes went from $124,226 in August 2014 to $187,579 in August 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 September 2015.
The average unit size of newly sold homes rose from 1,812 square feet a year earlier to 2,141 square feet.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 18.1% of existing home closings, up from 13.9% a year earlier. The percentage of existing home closings involving foreclosures went from 7.4% in September 2014 to 6.4% in September 2015 and REO closings as a percentage of existing home closings gained to 11.8% from 6.5%.