In the Grand Junction, CO market, new home closings sank year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 14 a year earlier to none after the figure moved from 14 in June 2015 to 8 in June 2016.
Last year, 14 of 364 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 368 total closings. Following a year-over-year increase in June, closings of new and existing homes also gained year-over-year in July.
Other Market Trends
There were no new home closings in July 2016, but average size of newly sold homes was 2,287 a year earlier.
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. Foreclosures and REO closings, taken together, made up 13.3% of existing closings, lower than 15.1% a year earlier. The percentage of existing home closings involving foreclosures went from 8.0% in July 2015 to 8.2% in July 2016 and REO closings as a percentage of existing home closings slid to 5.2% from 7.1% a year earlier.