In the Las Cruces, NM market, new home closings dropped year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 5 a year earlier to 2 after the figure moved from 17 in June 2014 to 5 in June 2015.
A total of 46 new homes were sold during the 12 months that ended in July, down from 49 for the year that ended in June.
Last year, 5 of 254 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 267 total closings. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $287,500 from last year's $189,004. This was on the heels of a 35.6% drop in June from a year earlier.
From the year-ago figure of $178,892, the average mortgage size on new homes moved up to $230,000. Average mortgage size on new homes went from $165,467 in June 2014 to $90,450 in June 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 July 2015.
The average unit size of newly sold homes rose from 1,859 square feet a year earlier to 2,366 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 16.6% of existing home closings, below 22.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.0% in July from 8.8% a year earlier while REO closings as a percentage of existing home closings declined to 10.6% from 13.7% a year earlier.