In the Grand Junction, CO market, new home closings slid year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 4 a year earlier to none after the figure moved from 15 in December 2014 to 1 in December 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 2.1% a year earlier. Closings of new and existing homes jumped year-over-year in January after also rising in December year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 31.5% of existing closings, lower than 35.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.8% in January from 16.7% a year earlier while REO closings as a percentage of existing home closings sank to 12.7% from 18.8% a year earlier.