In the Grand Junction, CO market, closings of new homes slid year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 14 a year earlier to 3 after the figure moved from 17 in June 2014 to 5 in June 2015.
On a percentage basis, new home closings as a part of total closings decreased to 0.9% from 4.4% a year earlier. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $244,494 last year to $435,315. This followed a 1.1% fall in June from a year earlier.
Average mortgage size on new homes went from $215,783 a year earlier to $283,735. Average mortgage size on new homes went from $222,416 in June 2014 to $229,593 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 15.5% of closings, below 28.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.9% in July from 13.3% a year earlier while REO closings as a percentage of existing home closings sank to 7.6% from 15.6% a year earlier.