Closings of new homes sank year-over-year in February in the Greeley, CO market, drawing a downward slope off of a rise in January 2016. New home closings saw a 6.6% decline from a year earlier to 128. This came on the heels of a 24.1% hike year-over-year in January.
A total of 1,910 new homes were sold during the 12 months that ended in February, down from 1,919 for the year that ended in January.
Out of all housing closings, new home closings represented 27.4%. This is an increase on a percentage basis, as new home closings were 25.9% of total closings a year ago. After rising year-over-year in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $338,379 per unit in February, up 8.0%from a year earlier. This hike is smaller than the 11.3% bump in January year-over-year.
Average mortgage size on new homes went from $276,304 in February 2015 to $278,619 in February 2016. In January 2016, average mortgage size gained 1.9% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes grew from 93.4% in February 2015 to 94.5% of closings in February 2016. Conversely, the share of new home closings belonging to attached units fell to 5.5% of closings from 6.6% of closings.
There was a 58.1% boost year-over-year in the average unit size of newly sold homes to 3,373 square feet in February 2016. An increase was also seen in January 2016 when the average size of new homes sold increased 58.5% to 3,228 square feet. The average size of newly sold homes moved from 2,037 square feet in January 2015 to 3,228 square feet in January 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 8.6% of existing home closings, down from 12.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.2% in February from 5.6% a year earlier while REO closings as a percentage of existing home closings sank to 5.3% from 6.6% a year earlier.