Newest Numbers Show Prices of New Homes Climb in Las Cruces, Sales Drop
Posted on: Dec 06, 2013 07:25:57 AM
The Las Cruces, NM market saw a drop in new home closings year-over-year in September, but compared with August 2013, the percentage fall was less steep, hinting the market may be strengthening. New home closings saw a decline of 14.3% from the year earlier to 42. In comparison, new home closings in the same month last year saw a 29.4% decline year-over-year in August.
A total of 455 new homes were sold during the 12 months that ended in September, down from 462 for the year that ended in August.
New home closings accounted for 19.9% of overall housing closings. A year earlier, new home closings made up 19.1% of total closings. Closings of new and existing homes sank year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price gained 17.0% year-over-year in September to $188,753 per unit. This boost follows a move from $183,993 per unit to $184,893 from August 2012 to August 2013.
The average mortgage size on new homes moved north year-over-year along with new home prices. It gained 12.6% in September from a year earlier to $170,330. It went from $166,427 to $165,844 from August 2012 to August 2013.