Recent Figures Show New Home Sales and Prices Decline in Las Cruces
Posted on: Jul 06, 2014 07:20:07 AM
In April, the Las Cruces, NM market saw a decline year-over-year in new home closings, shifting downward off a rise in March 2014. New home closings saw a 33.3% decline from a year earlier to 24. This came after a 40.0% rise year-over-year in March.
A total of 446 new homes were sold during the 12 months that ended in April, down from 458 for the year that ended in March.
New home closings made up 10.8% of overall housing closings. This is down from the a year earlier when new home closings made up 13.8% of total closings. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 9.2% fall year-over-year in April to $162,826 per unit. This decline compares to a 54.4% gain in March year-over-year.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. In April 2014, average mortgage size dropped 12.7% from a year earlier to $143,809. Average mortgage size jumped 41.9% in March 2014 from a year earlier.