In July, the Albuquerque, NM market saw a fall year-over-year in new home sales, but the percentage decline was less than that of June 2011, hinting that the market may be strengthening. Sales sank 25.0% from a year earlier to 93, compared with a 65.1% fall in June from the year earlier.

In the 12 months ending July 2011, there were 1,297 new home sales, down from an annualized 1,328 in June.

Out of all housing sales, new home sales represented 9.2%. A year ago, new home sales made up 9.7%. Sales of new and existing homes sank year-over-year in July after also falling in June year-over-year.

Average price of newly sold homes had a 3.9% rise year-over-year to $204,521 per unit in July. This rise is a reversal from a 1.6% decline in June from a year earlier.

There was a surge year-over-year in the average mortgage size on new homes along with new home prices. In July 2011, the average mortgage size on newly sold homes saw a 17.0% hike from a year earlier. In June 2011, average mortgage size on newly sold homes saw a 6.3% decline from a year earlier. Of the overall sale price, the percentage that was being financed increased 9.9 percentage points year-over-year to 88.8% in July 2011. In June 2011, there was a 4.4 percentage point decline in June from a year earlier.

There has been no change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home sales have represented all of new home sales while attached unit sales have accounted for no part of sales.

Foreclosures and real estate owned (REO) sales continued to decline from a year earlier in July and did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales made up 22.7% of sales, below 38.4% of sales a year earlier. From a year earlier, foreclosures declined to 6.6% of existing home sales in July after a figure of 19.7% of sales in July 2010 while REO sales fell to 16.1% of existing sales from 18.7% of sales a year earlier.

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