New home closings increased year-over-year in April in the Boulder, CO market, recovering from a drop in March 2016. New home closings saw a 32.7% boost from a year earlier to 69. This followed a 6.2% decline year-over-year in March.
A total of 665 new homes were sold during the 12 months that ended in April, up from 648 for the year that ended in March.
Of 528 total closings, 69 were of new homes. This is an increase on a percentage basis, as new home closings were 8.7% of total closings a year ago. Following a year-over-year decline in March, closings of new and existing homes also declined year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $572,605 in April, up 18.2% from last year. This bump compares to a period of stability in March from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $402,353 in April, marking a 12.1% surge compared with a year earlier. In March 2016, average mortgage size on newly sold homes saw a 4.5% surge year-over-year 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 61.5% in April 2015 to 68.1% of closings in April 2016. Meanwhile, attached units as a percentage of all new home closings sank to 31.9% of closings from 38.5% of closings.
There was a 2.9% fall year-over-year in the average unit size of newly sold homes to 2,676 square feet in April 2016. In March, the average size of new homes sold went from 2,463 square feet a year earlier to 2,732 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 2.2% of existing closings, lower than 2.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 0.7% in April from 2.0% a year earlier and REO closings moved from 0.9% of existing home closings in April 2015 to 1.5% in April 2016.