In January, there was a decline year-over-year in new home closings in the Pueblo, CO market, but the decline was less than the year-over-year decline in December. New home closings moved from 5 a year earlier to 1 after the figure moved from 4 in December 2014 to none in December 2015.
Last year, 5 of 204 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 185 total closings. Closings of new and existing homes slid year-over-year in January after remaning steady in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $285,000, up from $271,659 a year earlier. This followed a.
Average mortgage size on new homes went from $191,906 a year earlier to $270,750.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,358 square feet a year earlier to 2,042 square feet.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 26.1% of existing home closings, down from 39.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.7% in January from 21.1% a year earlier while REO closings as a percentage of existing home closings sank to 11.4% from 18.1% a year earlier.