In the Boulder, CO market, new home closings fell year-over-year in February, sliding down after a lift in January 2016. Closings slumped 25.0% from a year earlier to 42. This was after the housing market saw a 5.9% rise year-over-year in January.
A total of 647 new homes were sold during the 12 months that ended in February, down from 661 for the year that ended in January.
New home closings made up 12.3% of overall housing closings. This is down from the a year earlier when new home closings made up 14.8% of total closings. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year in February to $584,820 per unit, a rise of 10.4%. This surge is smaller than the 11.8% lift in January year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. It climbed to $414,415 in February, a 9.2% boost. In January 2016, average mortgage size climbed 13.1% 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 jumped from 51.8% of new closings in February 2015 to 90.5% of closings in February 2016. Meanwhile, attached units as a percentage of all new home closings fell to 9.5% of closings from 48.2% of closings.
For all new homes sold, the average unit size grew 4.3% year-over-year to 2,520 square feet in February 2016. In January, the average size of new homes sold went from 2,426 square feet a year earlier to 2,414 square feet.
Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 4.3% of existing home closings, up from 4.0% a year earlier. The percentage of existing home closings involving foreclosures went from 1.5% in February 2015 to 2.3% in February 2016 and REO closings moved from 2.5% of existing home closings in February 2015 to 2.0% in February 2016.