The Greeley, CO market saw a drop in new home closings year-over-year in April, and the percentage drop that was steeper than March 2016 gave implications of worsening market conditions. Closings declined 11.6% from a year earlier to 167. This was after the housing market saw a 2.2% fall year-over-year in March.
A total of 1,893 new homes were sold during the 12 months that ended in April, down from 1,915 for the year that ended in March.
Out of all housing closings, new home closings accounted for 23.7%. This is down from the 24.9% of closings a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $346,651 per unit in April, up 19.0%from a year earlier. This boost is better than the 10.3% gain in March year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. The average mortgage size saw a 18.7% surge year-over-year to $300,894 in April. Average mortgage size rose 6.4% in March 2016 from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 96.8% of new home closings to 96.4% of closings while attached units have gone from 3.2% of closings to 3.6% of closings.
The average unit size of newly sold homes jumped 4.6% year-over-year to 2,168 square feet in April 2016. The average size of newly sold homes moved from 2,241 square feet in March 2015 to 2,077 square feet in March 2016.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 9.5% of existing home closings, up from 9.1% a year earlier. The percentage of existing home closings involving foreclosures went from 3.2% in April 2015 to 3.3% in April 2016 and REO closings moved from 6.0% of existing home closings in April 2015 to 6.1% in April 2016.