In the Pueblo, CO market in April, closings of new homes fell year-over-year, sliding after a growth in March 2016. New home closings moved from 11 a year earlier to 8 after the figure moved from 7 in March 2015 to 9 in March 2016.
8 of the 283 total closings were new home closings, a shift on a percentage basis from 11 out of 310 a year earlier. After rising year-over-year in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $198,591 last year to $239,527. This was on the heels of a 11.2% hike in March year-over-year.
Average mortgage size on new homes increased to $223,455 from $194,475 last year. Average mortgage size on new homes went from $189,169 in March 2015 to $191,563 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
There was a move in the average unit size of newly sold homes from 1,922 square feet in April 2015 to 1,925 square feet in April 2016.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 27.6% of existing home closings, below 34.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.1% in April from 19.1% a year earlier and REO closings moved from 15.1% of existing home closings in April 2015 to 14.5% in April 2016.