In the Las Cruces, NM market in September, new home closings declined year-over-year, 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.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 3.3% a year earlier. Following a year-over-year increase in August, closings of new and existing homes sank year-over-year in September.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $228,462 from $159,251 a year ago. This came after a 35.7% surge in August year-over-year.
The average mortgage size on new homes was $233,125, up from $144,520. 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. Foreclosures and REO closings, taken together, represented 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 increased to 11.8% from 6.5%.