Prices of New Homes Increase in Albuquerque, Sales Decrease - July 2014
Posted on: Jul 08, 2014 07:00:02 AM
In March, there was a fall year-over-year in new home closings in the Albuquerque, NM market, sliding down after a hike in February 2014. New home closings saw a decline of 10.2% from the year earlier to 97. This followed a 20.8% rise year-over-year in February.
A total of 1,209 new homes were sold during the 12 months that ended in March, down from 1,220 for the year that ended in February.
As a percentage of overall housing closings, new home closings accounted for 7.6% of closings, relatively stable from a year earlier. For new and existing homes, closings fell in March after also declining in February year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 4.4% bump year-over-year to $242,263 per unit in March. This gain is smaller than the 10.2% hike in February year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. Average mortgage size gained 3.7% to $216,780 in March from a year earlier. Average mortgage size gained 4.7% in February 2014 from a year earlier.