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.
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.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. The share of new home closings belonging to attached units gained from 3.8% of closings in February 2012 to 11.8% of closings in February 2013. Conversely, the share belonging to single-family homes fell to 88.2% of closings from 96.2% of closings.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings made up 32.4% of existing home closings. In February 2012, they represented 26.5%. The percentage of existing home closings involving foreclosures rose to 12.4% in February from 10.0% a year earlier while REO closings as a percentage of existing home closings increased to 20.0% from 16.5%.
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Source: Housing Intelligence