Newest Figures Show New Home Prices Gain, Sales Fall in Las Cruces
Posted on: Aug 08, 2014 11:31:44 AM
The Las Cruces, NM market saw a drop in new home closings year-over-year in May, and the decline was by a larger percentage than the April 2014. New home closings moved from 38 a year earlier to 9 after the figure moved from 31 in April 2013 to 13 in April 2014.
A total of 361 new homes were sold during the 12 months that ended in May, down from 390 for the year that ended in April.
Last year, 38 of 314 total closings were new homes, and this percentage saw a decline as new home closings this year made up 9 of the 244 total closings. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $199,363, an increase from $176,105 a year earlier. This was on the heels of a 3.4% decline in April from a year earlier.
The average mortgage size on new homes was $189,036, up from $164,636. Average mortgage size on new homes went from $166,369 in April 2013 to $155,243 in April 2014.