Las Cruces, NM - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:23:29 AM
New home sales in the Las Cruces, NM market dropped year-over-year in February, and the market seemed to be weakening with a percentage fall harsher than in January 2012. There was a 14.7% decline in new home sales from a year earlier. This was after the housing market saw a 12.5% fall year-over-year in January.
A total of 516 new homes were sold during the 12 months that ended in February, down from 521 for the year that ended in January.
Compared to a year earlier, new home sales reflected 13.1% of overall housing sales, down from 16.8% last year. Following a decline in January year-over-year, sales of new and existing homes rose year-over-year in February.
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Pricing and Mortgage Trends
In February, the average price of newly sold homes increased 4.6% year-over-year to $164,624 per unit. This rise is smaller than the 15.1% gain in January year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. In February 2012, the average mortgage size was $150,992, up 1.9% from a year earlier. Average mortgage size rose 14.1% in January 2012 from a year earlier. For new home sales, the average percentage of the price being financed dipped 2.4 percentage points from a year earlier. It moved from 91.1% in January 2011 to 90.2% in January 2012.
Las Cruces, NM - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:23:29 AM
New home sales in the Las Cruces, NM market dropped year-over-year in February, and the market seemed to be weakening with a percentage fall harsher than in January 2012. There was a 14.7% decline in new home sales from a year earlier. This was after the housing market saw a 12.5% fall year-over-year in January.
A total of 516 new homes were sold during the 12 months that ended in February, down from 521 for the year that ended in January.
Compared to a year earlier, new home sales reflected 13.1% of overall housing sales, down from 16.8% last year. Following a decline in January year-over-year, sales of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased 4.6% year-over-year to $164,624 per unit. This rise is smaller than the 15.1% gain in January year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. In February 2012, the average mortgage size was $150,992, up 1.9% from a year earlier. Average mortgage size rose 14.1% in January 2012 from a year earlier. For new home sales, the average percentage of the price being financed dipped 2.4 percentage points from a year earlier. It moved from 91.1% in January 2011 to 90.2% in January 2012.
Other Market Trends
As a percentage of new home sales, attached unit sales have grown from last year while single-family home sales have dropped. The share of new home sales belonging to attached units increased from no part of sales in February 2011 to 3.4% of sales in February 2012. Conversely, the share belonging to single-family homes sank to 96.6% of sales from all of sales.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 25.5% of existing home sales. They made up 30.4% in February 2011. The percentage of existing home sales involving foreclosures fell to 9.4% in February from 10.7% a year earlier while REO sales as a percentage of existing home sales slipped to 16.1% from 19.6% a year earlier.
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Source: Housing Intelligence