In the Grand Junction, CO market, closings of new homes fell year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 14 a year earlier to 8 after the figure moved from 22 in May 2015 to 5 in May 2016.
On a percentage basis, new home closings as a part of total closings decreased to 1.9% from 3.8% a year earlier. Closings of new and existing homes climbed year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $200,174, compared with $295,058 last year. This came after a 12.0% surge in May year-over-year.
The average mortgage size moved to $150,405, down from last year's $265,127. Average mortgage size on new homes went from $265,930 in May 2015 to $239,203 in May 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.
The average unit size of newly sold homes fell from 1,833 square feet a year earlier to 1,496 square feet.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.3% of existing home closings, up from 15.4% a year earlier. The percentage of existing home closings involving foreclosures went from 8.6% in June 2015 to 8.0% in June 2016 and REO closings as a percentage of existing home closings increased to 8.3% from 6.9%.