New Home Closings and Prices in Albuquerque Rise According to Recent Figures
Posted on: Aug 08, 2014 11:06:05 AM
The Albuquerque, NM market saw an increase in closings of new homes in April year-over-year, rebounding from a year-over-year decline in March 2014. New home closings saw a rise of 7.5% from the year earlier to 100. This followed a 12.1% drop year-over-year in March.
A total of 1,200 new homes were sold during the 12 months that ended in April, up from 1,193 for the year that ended in March.
Of 1,327 total closings, 100 were of new homes. This is an increase on a percentage basis, as new home closings were 5.9% of total closings a year ago. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year in April to $258,475 per unit, a rise of 8.2%. This surge is higher than the 4.4% bump in March year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In April 2014, average mortgage size rose 6.5% from a year earlier to $231,059. In March 2014, average mortgage size on newly sold homes saw a 3.6% hike year-over-year from a year earlier.