Closings of new homes jumped year-over-year in July in the Fort Collins, CO market, picking up from a decline in June 2015. New home closings saw a 15.4% hike from a year earlier to 105. This was after the housing market saw a 6.0% drop year-over-year in June.
A total of 1,389 new homes were sold during the 12 months that ended in July, up from 1,375 for the year that ended in June.
Out of all housing closings, new home closings represented 12.0%. This is an increase on a percentage basis, as new home closings were 10.6% of total closings a year ago. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
In July, the average price of newly sold homes climbed 14.3% year-over-year to $408,535 per unit. This hike is smaller than the 24.2% surge in June year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In July 2015, average mortgage size rose 8.1% from a year earlier to $296,766. In June 2015, average mortgage size jumped 17.8% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have fallen. Attached unit closings increased from 7.7% of all closings in July 2014 to 13.3% of closings in July 2015. At the same time, the share belonging to single-family homes declined to 86.7% of closings from 92.3% of closings.
There was a 31.2% bump year-over-year in the average unit size of newly sold homes to 3,020 square feet in July 2015. The average size of newly sold homes moved from 2,169 square feet in June 2014 to 2,662 square feet in June 2015. An increase in both the average size and price of newly sold homes was also seen in June 2015 when the average size climbed 22.7% to 2,662 square feet.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 3.8% of existing home closings, up from 3.5% a year earlier. The percentage of existing home closings involving foreclosures went from 1.8% in July 2014 to 1.4% in July 2015 and REO closings moved from 1.7% of existing home closings in July 2014 to 2.3% in July 2015.