There was a rise in closings of new homes in the Greeley, CO market in June year-over-year, but with an increase less steep than that of May 2016, the market seemed to be showing signs of stabilizing. There was a 4.5% jump in new home closings from a year earlier. This came on the heels of a 28.6% boost year-over-year in May.
A total of 1,939 new homes were sold during the 12 months that ended in June, up from 1,930 for the year that ended in May.
Out of all housing closings, new home closings accounted for 26.7%. This is an increase on a percentage basis, as new home closings were 22.2% of total closings a year ago. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 5.6% surge year-over-year in June to $353,668 per unit. This hike is smaller than the 6.8% lift in May year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. It climbed 2.8% in June from a year earlier to $295,098. In May 2016, average mortgage size on newly sold homes saw a 3.6% hike year-over-year 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 increased from 94.1% in June 2015 to 96.2% of closings in June 2016. Meanwhile, attached units as a percentage of all new home closings slid to 3.8% of closings from 5.9% of closings.
There was a 3.2% decline year-over-year in the average unit size of newly sold homes to 2,165 square feet in June 2016. In May, the average size of new homes sold went from 2,166 square feet a year earlier to 2,185 square feet.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 6.7% of existing home closings, up from 6.1% a year earlier. The percentage of existing home closings involving foreclosures went from 2.3% in June 2015 to 2.9% in June 2016 and REO closings as a percentage of existing home closings stayed level at 3.8%.