In the Colorado Springs, CO market, new home closings grew year-over-year in March, but the market seemed to show signs of leveling out as the percentage gained was less than in February 2016. There was a 16.7% climb in new home closings from a year earlier. This was after the housing market saw a 28.8% hike year-over-year in February.
A total of 2,457 new homes were sold during the 12 months that ended in March, up from 2,426 for the year that ended in February.
Out of all housing closings, new home closings made up 13.9%. A year earlier, new home closings accounted for 13.6% of total closings. Closings of new and existing homes increased year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $324,787 in March 2016 from $322,573 in March 2015. This came after a 3.1% lift in February year-over-year.
Average mortgage size on new homes went from $291,125 in March 2015 to $290,547 in March 2016. Average mortgage size grew 5.1% in February 2016 from a year earlier.
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 share of new home closings belonging to attached units climbed from 13.4% of closings in March 2015 to 15.2% of closings in March 2016. Conversely, the share belonging to single-family homes sank to 84.8% of closings from 86.6% of closings.
The average unit size of newly sold homes went from 2,628 square feet in March 2015 to 2,623 square feet in March 2016. In February 2016, the average size of newly sold homes slid 3.0% from the year earlier. The average size of newly sold homes moved from 2,712 square feet in February 2015 to 2,630 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 15.4% of existing home closings, below 15.6% a year earlier. The percentage of existing home closings involving foreclosures went from 7.5% in March 2015 to 7.1% in March 2016 and REO closings moved from 8.1% of existing home closings in March 2015 to 8.3% in March 2016.