New home closings in the Pueblo, CO market dropped year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 7 a year earlier to 3 after the figure moved from 9 in August 2014 to 2 in August 2015.
New home closings were 3 out of the 264 total closings, down on a percentage basis from 7 of 264 a year earlier. Closings of new and existing homes remained steady in September after rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $193,633 from last year's $124,374. This was on the heels of a 24.6% bump in August year-over-year.
The average mortgage size went down to $113,967 from $166,713 a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes went from 1,429 square feet in September 2014 to 1,443 square feet in September 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 20.7% of existing home closings, below 30.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.8% in September from 10.5% a year earlier while REO closings as a percentage of existing home closings declined to 11.9% from 19.5% a year earlier.