New home closings in the Grand Junction, CO market sank year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 7 a year earlier to 1 after the figure moved from 4 in January 2015 to none in January 2016.
New home closings represented 1 out of the 213 total closings, which is a smaller percentage than the 7 of 222 total closings a year earlier. After rising year-over-year in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $157,000, down from last year's $234,757. This followed a.
There was a decline in average mortgage size on new homes, going from $205,115 last year to $160,375 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes fell from 1,694 square feet a year earlier to 1,216 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, made up 32.1% of existing home closings, higher than 25.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.2% in February from 9.3% a year earlier while REO closings as a percentage of existing home closings increased to 17.9% from 15.8%.