New Home Closings and Prices in Albuquerque Increase According to Recent Figures
Posted on: Apr 06, 2014 07:00:52 AM
In December, there was an increase in closings of new homes in the Albuquerque, NM market year-over-year, but the increased on a percentage basis less sharlpy than November 2013, showing signs of market stabilization. New home closings saw a 15.2% jump from a year earlier to 121. This followed a 15.6% hike year-over-year in November.
A total of 1,199 new homes were sold during the 12 months that ended in December, up from 1,183 for the year that ended in November.
As a percentage of overall housing closings, new home closings accounted for 9.9%. This is a rise from 8.1% of closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also slid year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes had a 5.9% gain year-over-year to $252,599 per unit in December. This rise is smaller than the 20.3% bump in November year-over-year.
Average mortgage size on new homes went from $218,018 in December 2012 to $219,935 in December 2013. In November 2013, average mortgage size on newly sold homes saw a 14.5% surge year-over-year from a year earlier.