New Home Sales and Prices Both Climb in Albuquerque According to Freshest Data
Posted on: Dec 06, 2013 07:00:58 AM
There was a rise in closings of new homes in the Albuquerque, NM market in August year-over-year, rallying back from a fall in July 2013. Closings increased 14.8% from a year earlier to 124. In comparison, new home closings in the same month last year saw a 3.1% fall year-over-year in July.
A total of 1,182 new homes were sold during the 12 months that ended in August, up from 1,166 for the year that ended in July.
Of 1,556 total closings, 124 were of new homes. This marks a rise from 6.5% of total closings a year earlier. Following a year-over-year rise in July, closings of new and existing homes slid year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 3.4% in August to $230,432 per unit. This rise is smaller than the 15.8% lift in July year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In August 2013, the average mortgage size was $204,861, up 1.2% from a year earlier. In July 2013, average mortgage size gained 16.4% from a year earlier.