New home closings in the Greeley, CO market increased year-over-year in December, but signs of market leveling were showing as the percentage bump was less than November 2015. New home closings saw a climb of 41.7% from the year earlier to 180. This followed a 52.3% jump year-over-year in November.
A total of 1,898 new homes were sold during the 12 months that ended in December, up from 1,845 for the year that ended in November.
Out of all housing closings, new home closings represented 28.2%. This is a gain from 23.3% of closings a year earlier. Closings of new and existing homes grew year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 12.7% lift year-over-year to $355,737 per unit in December. This bump is an improvement over the 8.1% rise in November year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. In December 2015, the average mortgage size was $298,762, up 7.2% from a year earlier. In November 2015, average mortgage size on newly sold homes saw a 9.6% gain year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 94.5% of new closings in December 2014 to 96.1% of closings in December 2015. Conversely, the share of new home closings belonging to attached units fell to 3.9% of closings from 5.5% of closings.
There was a 34.6% hike year-over-year in the average unit size of newly sold homes to 3,078 square feet in December 2015. The average size of newly sold homes moved from 2,153 square feet in November 2014 to 1,610 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 5.0% of existing home closings, below 10.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.7% in December from 4.1% a year earlier while REO closings as a percentage of existing home closings declined to 3.3% from 6.2% a year earlier.