There was a rise in closings of new homes in the Greeley, CO market in May year-over-year, an upward turn from a decline in April 2016. There was a 27.7% boost in new home closings from a year earlier. This came after a 11.6% drop year-over-year in April.
A total of 1,937 new homes were sold during the 12 months that ended in May, up from 1,894 for the year that ended in April.
Out of all housing closings, new home closings represented 24.3%. This is a surge from 21.6% of closings a year earlier. Following a decline in April year-over-year, closings of new and existing homes increased year-over-year in May.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 7.3% boost year-over-year in May to $337,832 per unit. This rise is smaller than the 19.0% lift in April year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In May 2016, the average mortgage size was $285,441, a 3.6% boost from a year earlier. In April 2016, average mortgage size grew 18.7% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 91.0% of new closings in May 2015 to 94.9% of closings in May 2016. Meanwhile, attached units as a percentage of all new home closings sank to 5.1% of closings from 9.0% of closings.
There was a move in the average unit size of newly sold homes from 2,166 square feet in May 2015 to 2,185 square feet in May 2016. In April 2016, the average size of newly sold homes gained 4.6% from the year earlier. In April, the average size of new homes sold went from 2,073 square feet a year earlier to 2,168 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 5.7% of existing closings, lower than 7.6% a year earlier. The percentage of existing home closings involving foreclosures went from 3.5% in May 2015 to 2.8% in May 2016 and REO closings as a percentage of existing home closings fell to 2.9% from 4.1% a year earlier.