In September, the Santa Fe, NM market saw a drop year-over-year in new home closings, a downhill move after a gain in August 2015. New home closings saw a decline of 16.7% from the year earlier to 20. This was after the housing market saw a 18.8% jump year-over-year in August.
A total of 169 new homes were sold during the 12 months that ended in September, down from 173 for the year that ended in August.
New home closings made up 7.1% of overall housing closings. This is down from the 9.4% of closings a year earlier. Closings of new and existing homes gained year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 14.5% year-over-year in September to $288,384 per unit. This lift compares to a 23.5% drop in August from a year earlier.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. The average mortgage size saw a 16.0% hike year-over-year to $249,007 in September. In August 2015, average mortgage size dropped 18.7% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have slumped. Attached unit closings climbed from no part of all closings in September 2014 to 5.0% of closings in September 2015. At the same time, the share belonging to single-family homes declined to 95.0% of closings from all of closings.
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 made up 14.5% of existing home closings, up from 10.8% a year earlier. The percentage of existing home closings involving foreclosures went from 6.1% in September 2014 to 6.5% in September 2015 and REO closings as a percentage of existing home closings increased to 8.0% from 4.8%.