There was an increase in closings of new homes in the Fort Collins, CO market in April year-over-year, and the percentage bump, which was better than March 2016, suggested the market may be improving. Closings gained 20.5% from a year earlier to 159. This came after a 9.4% hike year-over-year in March.
A total of 1,442 new homes were sold during the 12 months that ended in April, up from 1,415 for the year that ended in March.
Out of all housing closings, new home closings represented 22.5%. This marks a rise from 18.2% of total closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year 9.2% in April to $400,312 per unit. This surge is smaller than the 14.1% rise in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2016, the average mortgage size was $315,212, up 4.2% from a year earlier. In March 2016, average mortgage size on newly sold homes saw a 11.1% lift year-over-year from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes jumped from 86.4% in April 2015 to 89.3% of closings in April 2016. At the same time, the share of new home closings belonging to attached units declined to 10.7% of closings from 13.6% of closings.
There was a move in the average unit size of newly sold homes from 2,326 square feet in April 2015 to 2,347 square feet in April 2016. The average size of newly sold homes moved from 2,373 square feet in March 2015 to 2,441 square feet in March 2016. In March 2016, the average size of newly sold homes grew 2.9% from the year earlier.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 5.1% of existing home closings, above 4.9% a year earlier. The percentage of existing home closings involving foreclosures stayed at 2.4% of closings in April from a year earlier and REO closings moved from 2.5% of existing home closings in April 2015 to 2.7% in April 2016.