The Fort Collins, CO market saw a rise in new home closings in April year-over-year, and there were signals of strengthening market conditions as the percentage lift was an greater than March 2016. There was a 20.5% rise in new home closings from a year earlier. This came on the heels of a 9.4% rise year-over-year in March.
A total of 1,442 new homes were sold during the 12 months that ended in April, up from 1,415 for the year that ended in March.
Out of all housing closings, new home closings accounted for 22.5%. This is a surge from 18.2% of closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 9.2% rise year-over-year as it grew to $400,312 per unit. This surge is smaller than the 14.1% boost in March year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In April 2016, there was a 4.2% lift in the average mortgage size, reaching $315,212. In March 2016, average mortgage size climbed 11.1% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes gained from 86.4% in April 2015 to 89.3% of closings in April 2016. At the same time, the share of new home closings belonging to attached units sank to 10.7% of closings from 13.6% of closings.
The average unit size of newly sold homes went from 2,326 square feet in April 2015 to 2,347 square feet in April 2016. In March 2016, the average size of newly sold homes increased 2.9% from the year earlier. The average size of newly sold homes moved from 2,373 square feet in March 2015 to 2,441 square feet in March 2016.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 5.1% of existing home closings, above 4.9% a year earlier. The percentage of existing home closings involving foreclosures stayed at 2.4% of closings in April from a year earlier and REO closings moved from 2.5% of existing home closings in April 2015 to 2.7% in April 2016.