Closings of new homes jumped year-over-year in August in the Boulder, CO market, but signs of market leveling were showing as the percentage hike was less than July 2015. New home closings saw a 17.3% rise from a year earlier to 61. In comparison, new home closings in the same month last year saw a 19.2% rise year-over-year in July.
A total of 692 new homes were sold during the 12 months that ended in August, up from 683 for the year that ended in July.
As a percentage of overall housing closings, new home closings represented 9.0% of overall housing closings. New home closings were 8.7% of overall closings last year. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 21.4% boost year-over-year in August to $547,586 per unit. This surge follows a move from $512,192 per unit to $509,174 from July 2014 to July 2015.
There was a bump year-over-year in the average mortgage size on new homes along with new home prices. In August 2015, the average mortgage size on newly sold homes saw a 21.8% lift from a year earlier. Average mortgage size declined 9.7% in July 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes climbed from 63.5% in August 2014 to 75.4% of closings in August 2015. Meanwhile, attached units as a percentage of all new home closings dropped to 24.6% of closings from 36.5% of closings.
The average unit size of newly sold homes gained 12.4% year-over-year to 2,717 square feet in August 2015. In July, the average size of new homes sold went from 2,673 square feet a year earlier to 2,477 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 2.8% of existing home closings, below 3.5% a year earlier. The percentage of existing home closings involving foreclosures went from 1.5% in August 2014 to 1.0% in August 2015 and REO closings moved from 2.0% of existing home closings in August 2014 to 1.8% in August 2015.