In the Boulder, CO market in November, new home closings dropped year-over-year, but there were signs that the market may be stabilizing with a percentage fall less steep than in October 2015. New home closings saw a 18.5% drop from a year earlier to 44. This was after the housing market saw a 47.9% decline year-over-year in October.
A total of 678 new homes were sold during the 12 months that ended in November, down from 688 for the year that ended in October.
New home closings represented 10.9% of overall housing closings. This is a drop 12.3% of closings a year earlier. For new and existing homes, closings fell in November after also declining in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 54.9% gain year-over-year to $611,272 per unit in November. This surge is better than the 17.4% boost in October year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In November 2015, there was a 42.3% hike in the average mortgage size, reaching $415,831. Average mortgage size gained 6.8% in October 2015 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 55.6% in November 2014 to three quarters of closings in November 2015. At the same time, the share of new home closings belonging to attached units slid to a quarter of closings from 44.4% of closings.
The average unit size of newly sold homes grew 39.1% year-over-year to 3,612 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 1.7% of existing home closings, below 5.5% a year earlier. The percentage of existing home closings involving foreclosures sank to no part in November from 2.3% a year earlier while REO closings as a percentage of existing home closings declined to 1.7% from 3.1% a year earlier.