In the Pueblo, CO market, new home closings declined year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 4 a year earlier to 2 after the figure moved from 6 in June 2014 to none in June 2015.
New home closings were 2 out of the 329 total closings, a move on a percentage basis from 4 of 288 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also climbed year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $220,700, an increase from $199,761 a year earlier. This was on the heels of a.
Average mortgage size on new homes went from $123,177 a year earlier to $154,549.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,042 square feet a year earlier to 1,719 square feet.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 28.1% of existing home closings, below 34.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 15.6% in July from 16.9% a year earlier while REO closings as a percentage of existing home closings fell to 12.5% from 17.3% a year earlier.