In the Grand Junction, CO market in June, new home closings slid year-over-year, 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.
New home closings were 8 out of the 418 total closings, down on a percentage basis from 14 of 364 a year earlier. Following a year-over-year increase in May, closings of new and existing homes also rose year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $200,174, down from $295,058 a year earlier. This followed a 12.0% gain in May year-over-year.
There was a decline in average mortgage size on new homes, going from $265,127 last year to $150,405 in June 2016. 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 increased in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 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 gained to 8.3% from 6.9%.