The Colorado Springs, CO market saw an increase in closings of new homes in August year-over-year, swinging up after a drop in July 2015. This year's new home closings increased from last year by 2.2%, reaching 189. This compares with the change from 208 in July 2014 to 185 in July 2015.
A total of 2,122 new homes were sold during the 12 months that ended in August, up from 2,118 for the year that ended in July.
New home closings made up 11.1% of overall housing closings. This is down from the a year earlier when new home closings made up 14.8% of total closings. Closings of new and existing homes gained year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $319,932 in August 2015 from $321,955 in August 2014. This followed a 1.5% hike in July year-over-year.
In August 2015, average mortgage size on new homes went from $286,789 in August 2014 to $288,601 in August 2015. In July 2015, average mortgage size dropped 2.2% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes jumped from 87.6% in August 2014 to 93.1% of closings in August 2015. Meanwhile, attached units as a percentage of all new home closings sank to 6.9% of closings from 12.4% of closings.
There was a move in the average unit size of newly sold homes from 2,673 square feet in August 2014 to 2,696 square feet in August 2015. In July, the average size of new homes sold went from 2,761 square feet a year earlier to 2,768 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 9.1% of existing closings, lower than 13.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.2% in August from 6.6% a year earlier while REO closings as a percentage of existing home closings fell to 4.9% from 6.8% a year earlier.