In November, 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 October 2015. New home closings moved from 12 a year earlier to 8 after the figure moved from 17 in October 2014 to 16 in October 2015.
A total of 203 new homes were sold during the 12 months that ended in November, down from 207 for the year that ended in October.
New home closings were 8 out of the 229 total closings, down on a percentage basis from 12 of 209 a year earlier. Closings of new and existing homes grew year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $313,358, an increase from $238,416 a year earlier. This came after a 7.8% hike in October year-over-year.
Average mortgage size on new homes went from $220,790 a year earlier to $322,230. In October 2015, average mortgage size climbed 14.1% from a year earlier.
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 increased in November from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 11.8% of existing home closings, higher than 10.2% a year earlier. The percentage of existing home closings involving foreclosures went from 4.1% in November 2014 to 5.0% in November 2015 and REO closings moved from 6.1% of existing home closings in November 2014 to 6.8% in November 2015.