There was a rise in new home closings in the Greeley, CO market in September year-over-year, and there were signs of strengthening market conditions as the percentage boost was sharper than August 2015. Closings rose 59.6% from a year earlier to 158. This came after a 35.0% hike year-over-year in August.
A total of 1,734 new homes were sold during the 12 months that ended in September, up from 1,675 for the year that ended in August.
Of 742 total closings, 158 were of new homes. This marks a rise from 16.3% of total closings a year earlier. Closings of new and existing homes jumped in September after staying steady in August from a year earlier.
Pricing and Mortgage Trends
Average value of new homes sold in September was $323,893 per unit, down 3.8% from a year earlier. This decline compares to a 12.7% hike in August year-over-year.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. It sank 4.7% in September from a year earlier, reaching $277,873. In August 2015, average mortgage size on newly sold homes saw a 13.2% bump 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 94.9% of new closings in September 2014 to 96.8% of closings in September 2015. Conversely, the share of new home closings belonging to attached units fell to 3.2% of closings from 5.1% of closings.
There was a 3.4% decline year-over-year in the average unit size of newly sold homes to 2,365 square feet in September 2015. The average size of newly sold homes moved from 1,851 square feet in August 2014 to 2,468 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 6.8% of existing home closings, down from 11.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.3% in September from 5.1% a year earlier while REO closings as a percentage of existing home closings sank to 3.6% from 5.9% a year earlier.