In the Boulder, CO market, new home closings slid year-over-year in September, drawing a downward slope off of a rise in August 2015. New home closings saw a decline of 7.0% from the year earlier to 53. This came on the heels of a 20.8% jump year-over-year in August.
A total of 709 new homes were sold during the 12 months that ended in September, down from 713 for the year that ended in August.
As a percentage of overall housing closings, new home closings represented 9.4%. This is a fall 11.7% of closings a year earlier. Closings of new and existing homes climbed year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
In September, the average price of newly sold homes gained 32.8% year-over-year to $523,463 per unit. This bump is better than the 21.8% boost in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In September 2015, average mortgage size grew 15.7% from a year earlier to $366,992. In August 2015, average mortgage size gained 21.4% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes grew from 78.9% in September 2014 to 83.0% of closings in September 2015. Conversely, the share of new home closings belonging to attached units fell to 17.0% of closings from 21.1% of closings.
The average unit size of newly sold homes went from 2,367 square feet in September 2014 to 2,381 square feet in September 2015. The average size of newly sold homes moved from 2,417 square feet in August 2014 to 2,772 square feet in August 2015. In August 2015, the average size of newly sold homes climbed 14.7% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 2.5% of existing home closings, below 3.9% a year earlier. The percentage of existing home closings involving foreclosures went from 1.9% in September 2014 to 1.2% in September 2015 and REO closings moved from 2.1% of existing home closings in September 2014 to 1.4% in September 2015.