New Home Closings in Santa Fe Fall to Zero
Posted on: Apr 06, 2013 07:30:51 AM
New home closings dropped year-over-year in January in the Santa Fe, NM market, and the decline was by a larger percentage than the December 2012. New home closings moved from 25 a year earlier to none after the figure moved from 18 in December 2011 to 15 in December 2012.
A total of 117 new homes were sold during the 12 months that ended in January, down from 142 for the year that ended in December.
New home closings were none of the 12 total closings, down on a percentage basis from 25 of 185 a year earlier. Following a year-over-year rise in December, closings of new and existing homes sank year-over-year in January.
Other Market Trends
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.7% of closings. They represented 24.4% in January 2012. The percentage of existing home closings involving foreclosures slipped to no part in January from 6.9% a year earlier and REO closings moved from 17.5% of existing home closings in January 2012 to 16.7% in January 2013.
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