In the Grand Junction, CO market, closings of new homes dropped year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 22 a year earlier to 5 after the figure moved from 17 in April 2015 to 5 in April 2016.
New home closings were 5 out of the 393 total closings, down on a percentage basis from 22 of 356 a year earlier. Following a decline in April year-over-year, closings of new and existing homes rose year-over-year in May.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $323,390 from $288,621 a year ago. This was on the heels of a 10.9% bump in April year-over-year.
There was a decline in average mortgage size on new homes, going from $265,930 last year to $239,203 in May 2016. Average mortgage size on new homes went from $216,231 in April 2015 to $182,095 in April 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 19.1% of existing home closings, up from 16.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.3% in May from 8.1% a year earlier while REO closings as a percentage of existing home closings gained to 9.8% from 8.7%.