Closings of new homes in the Albuquerque, NM market slid year-over-year in February, a drop following an increase in January 2016. Closings slid 4.3% from a year earlier to 89. This came after a 53.6% climb year-over-year in January.
A total of 1,344 new homes were sold during the 12 months that ended in February, down from 1,348 for the year that ended in January.
Of the total number of closings, new home closings made up 7.3%. A year ago, 8.3% of total closings were new home closings. Following a year-over-year increase in January, closings of new and existing homes also jumped year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $249,672 in February, up 10.6% from last year. This rise is higher than the 4.5% lift in January year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. It jumped 10.8% in February from a year earlier to $223,361. In January 2016, average mortgage size on newly sold homes saw a 1.0% rise year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes gained from 90.3% in February 2015 to 96.6% of closings in February 2016. Meanwhile, attached units as a percentage of all new home closings declined to 3.4% of closings from 9.7% of closings.
For all new homes sold, the average unit size jumped 1.3% year-over-year to 2,073 square feet in February 2016. The average size of newly sold homes moved from 1,878 square feet in January 2015 to 1,896 square feet in January 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 21.4% of existing closings, lower than 26.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.7% in February from 9.9% a year earlier while REO closings as a percentage of existing home closings declined to 13.7% from 16.2% a year earlier.