In the Grand Junction, CO market, closings of new homes fell year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 7 a year earlier to 1 after the figure moved from 9 in August 2014 to 3 in August 2015.
New home closings were 2.8% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 1 of the 278 total closings. After dropping in August from a year earlier, closings of new and existing homes rose year-over-year in September.
Pricing and Mortgage Trends
The average per-unit price of new homes was $295,000, compared with $304,049 last year. This followed a 15.4% gain in August year-over-year.
Average mortgage size on new homes increased to $280,250 from $224,721 last year. Average mortgage size went from $227,505 in August 2014 to $229,137 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 17.7% of existing closings, lower than 25.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.0% in September from 10.9% a year earlier while REO closings as a percentage of existing home closings fell to 8.7% from 15.1% a year earlier.