New Home Sales and Prices Both Climb in Albuquerque According to Latest Data
Posted on: Mar 06, 2014 07:00:47 AM
New home closings rose year-over-year in November in the Albuquerque, NM market, rallying back from a decline in October 2013. New home closings saw a boost of 15.6% from the year earlier to 104. In comparison, new home closings in the same month last year saw a 4.0% decline year-over-year in October.
A total of 1,182 new homes were sold during the 12 months that ended in November, up from 1,168 for the year that ended in October.
Out of all housing closings, new home closings made up 9.1%. This marks a rise from 6.7% of total closings a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes rose year-over-year to $262,619 in November, up 20.3% from last year. This surge is higher than the 8.1% hike in October year-over-year.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. In November 2013, there was a 14.5% bump in the average mortgage size, reaching $225,645. In October 2013, average mortgage size jumped 7.9% from a year earlier.