Recent Numbers For Las Cruces Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:20:09 AM
There was a rise in new home closings in the Las Cruces, NM market in February year-over-year, on an upswing after a decline in January 2013. New home closings saw a hike of 30.8% from the year earlier to 34. This came after an 8.8% decline year-over-year in January.
A total of 458 new homes were sold during the 12 months that ended in February, up from 450 for the year that ended in January.
New home closings represented 19.0% of overall housing closings. This marks a rise from 11.5% of total closings a year earlier. Following a year-over-year rise in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 2.7% in February to $183,551 per unit. This rise is higher than the 2.7% rise in January year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In February 2013, the average mortgage size was $168,680, a 2.5% rise from a year earlier. In January 2013, average mortgage size rose 4.8% from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 92.1% of average price to 91.9% from a year earlier. This came after a 1.9 percentage point rise in January from the year earlier.