The Pueblo, CO market saw a drop in new home closings year-over-year in July, sliding after a growth in June 2016. New home closings moved from 7 a year earlier to 4 after the figure moved from none in June 2015 to 9 in June 2016.

A total of 94 new homes were sold during the 12 months that ended in July, down from 97 for the year that ended in June.

4 of the 262 total closings were new home closings, a shift on a percentage basis from 7 out of 342 a year earlier. Following a year-over-year rise in June, closings of new and existing homes declined year-over-year in July.

Pricing and Mortgage Trends

The average new home price was $186,363, down from $207,140 a year earlier. This followed a shift to an average price of $244,124 in June 2016 after there were no closings in June 2015.

Average mortgage size on new homes went from $184,761 a year earlier to $205,262.

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 1,989 square feet a year earlier to 1,819 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 20.2% of existing home closings, below 27.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.2% in July from 15.2% a year earlier while REO closings as a percentage of existing home closings sank to 7.0% from 12.5% a year earlier.

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