Latest Figures Show New Home Sales and Prices Increase in Albuquerque
Posted on: May 06, 2013 07:00:52 AM
In the Albuquerque, NM market, new home closings gained year-over-year in January, moving north after a decline in December 2012. New home closings saw a climb of 37.9% from the year earlier to 80. This followed a 7.5% decline year-over-year in December.
A total of 1,104 new homes were sold during the 12 months that ended in January, up from 1,082 for the year that ended in December.
Of 1,035 total closings, 80 were of new homes. This is up from the 6.3% of closings a year earlier. For new and existing homes, closings grew year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $220,736 in January, up 10.4% from last year. This boost is smaller than the 25.4% hike in December year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. In January 2013, average mortgage size rose 9.0% from a year earlier to $198,772. In December 2012, average mortgage size on newly sold homes saw a 23.4% rise year-over-year from a year earlier. The overall percentage of sale price that was being financed fell 1.1 percentage points year-over-year to 90.0% in January 2013.