Closings of new homes in the Boulder, CO market rose year-over-year in July, and the percentage rise was higher than June 2015, implying the market may be improving. New home closings saw a 19.2% rise from a year earlier to 62. This came after a 1.6% boost year-over-year in June.
A total of 678 new homes were sold during the 12 months that ended in July, up from 668 for the year that ended in June.
New home closings represented 8.2% of overall housing closings. A year ago, 7.3% of total closings were new home closings. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
From July 2014 to July 2015, the average price of newly sold homes went from $512,192 to $509,174. This was on the heels of a 1.9% fall in June from a year earlier.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. Average mortgage size dropped 9.7% to $357,835 in July from a year earlier. In June 2015, average mortgage size increased 5.8% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 63.5% of new home closings to 62.9% of closings while attached units have gone from 36.5% of closings to 37.1% of closings.
The average unit size of newly sold homes dropped 7.3% year-over-year to 2,477 square feet in July 2015. The average size of newly sold homes moved from 2,564 square feet in June 2014 to 2,592 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 3.2% of existing home closings, below 3.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 1.1% in July from 2.4% a year earlier and REO closings moved from 1.2% of existing home closings in July 2014 to 2.0% in July 2015.