In the Santa Fe, NM market in April, closings of new homes slid year-over-year, and the decline was by a larger percentage than the March 2012. New home closings moved from 26 a year earlier to nine after the figure moved from 19 in March 2011 to nine in March 2012.
A total of 159 new homes were sold during the 12 months that ended in April, down from 176 for the year that ended in March.
New home closings were 12.1% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up nine of the 221 total closings. For new and existing homes, closings increased year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $321,027, an increase from $300,888 a year earlier. This came after a 54.7% boost in March year-over-year.
Average mortgage size on new homes moved from $258,250 to $259,322. Average mortgage size on new homes went from $159,614 in March 2011 to $242,842 in March 2012. For new home closings, the percentage of the sale price that was being financed declined 5.1 percentage points year-over-year to 80.8% in April 2012.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached closings made up two of nine new home closings after accounting for five of 26 a year earlier. Meanwhile, single-family homes made up seven of nine new home closings after making up 21 of 26 a year earlier.
Foreclosures and real estate owned (REO) closings did not appear to be dragging the market. Together, foreclosures plus REO closings made up 21.7% of existing home closings. They represented 24.3% in April 2011. The percentage of existing home closings involving foreclosures rose to 8.0% in April from 4.2% a year earlier while REO closings as a percentage of existing home closings fell to 13.7% from 20.1% a year earlier.
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