New Home Closings in Santa Fe Gain, Prices Decline According to Freshest Figures
Posted on: Feb 12, 2014 07:19:41 AM
Closings of new homes increased year-over-year in November in the Santa Fe, NM market, but the increase was less than October 2013. New home closings moved from 12 a year earlier to 18 after the figure moved from 7 in October 2012 to 11 in October 2013.
A total of 150 new homes were sold during the 12 months that ended in November, up from 144 for the year that ended in October.
New home closings were 18 out of 220 total closings, making up 8.2%. This is up on a percentage basis from 12 of 246 a year earlier. Following a year-over-year decline in October, closings of new and existing homes also declined year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $234,361, down from $246,389 a year earlier. This was on the heels of a 10.8% gain in October year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $215,745 to $208,758. Average mortgage size on new homes went from $217,881 in October 2012 to $220,241 in October 2013.