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Albuquerque, NM Local News

Albuquerque, NM - Recent Figures for New Home Sales Suggest Market Fall is Mounting

Posted on: May 06, 2012 09:10:32 AM

Sales of new homes dropped year-over-year in January in the Albuquerque, NM market, and with a percentage drop more severe than December 2011, there were suggestions the market may be worsening. There was a 14.8% decline in new home sales from a year earlier. This came on the heels of a 10.1% decline year-over-year in December.

A total of 1,191 new homes were sold during the 12 months that ended in January, down from 1,203 for the year that ended in December.

New home sales accounted for 8.3% of overall housing sales. They made up 7.7% of sales a year earlier. Sales of new and existing homes declined year-over-year in January after also falling in December year-over-year.

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Pricing and Mortgage Trends

Average price of newly sold homes had a 4.3% decline year-over-year to $199,913 per unit in January. This decline is a reversal from a 1.7% rise in December year-over-year.

For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. In January 2012, average mortgage size on new homes sold was $182,295, down 2.3% from a year earlier. In December 2011, average mortgage size increased 2.1% from a year earlier. On average, the percentage of new home sale price being financed saw a 1.9 percentage point rise from a year earlier. It went from 91.2% in December 2010 to 91.6% in December 2011.

 
 
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