Closings of new homes slid year-over-year in June in the Fort Collins, CO market, sliding down after a rise in May 2016. New home closings saw a decline of 4.4% from the year earlier to 129. In comparison, new home closings in the same month last year saw a 26.2% jump year-over-year in May.
A total of 1,481 new homes were sold during the 12 months that ended in June, down from 1,487 for the year that ended in May.
As a percentage of overall housing closings, new home closings accounted for 16.7%. This is better than the 14.2% of closings a year earlier. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 5.9% in June to $437,111 per unit. This surge is smaller than the 8.7% boost in May year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. In June 2016, the average mortgage size was $326,103, a 1.7% rise from a year earlier. In May 2016, average mortgage size jumped 6.5% 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. Single-family home closings grew from 88.1% of new closings in June 2015 to 90.7% of closings in June 2016. Meanwhile, attached units as a percentage of all new home closings slid to 9.3% of closings from 11.9% of closings.
The average unit size of newly sold homes declined 23.1% year-over-year to 2,008 square feet in June 2016. The average size of newly sold homes moved from 2,412 square feet in May 2015 to 2,682 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 2.2% of existing closings, lower than 2.9% a year earlier. The percentage of existing home closings involving foreclosures went from 0.7% in June 2015 to 0.5% in June 2016 and REO closings moved from 2.2% of existing home closings in June 2015 to 1.7% in June 2016.