In the Grand Junction, CO market in December, closings of new homes fell year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 9 a year earlier to 2 after the figure moved from 8 in November 2014 to 1 in November 2015.
New home closings were 2 out of the 242 total closings, down on a percentage basis from 9 of 235 a year earlier. Following a year-over-year increase in November, closings of new and existing homes also rose year-over-year in December.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $340,157 from $326,761 a year ago. This came after a 32.6% lift in November year-over-year.
The average mortgage size on new homes was $296,095, up from $268,916.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 24.2% of existing home closings, up from 23.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.6% in December from 11.1% a year earlier while REO closings as a percentage of existing home closings jumped to 14.6% from 12.4%.