In the Pueblo, CO market, closings of new homes rose year-over-year in May, rebounding from a year-over-year decline in April 2016. New home closings moved from 4 a year earlier to 7 after the figure moved from 11 in April 2015 to 8 in April 2016.
7 of the 314 total closings were new home closings, a shift on a percentage basis from 4 out of 215 a year earlier. After dropping in April from a year earlier, closings of new and existing homes gained year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $228,274, down from last year's $307,244. This followed a 20.6% boost in April year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $240,234 to $161,394. Average mortgage size on new homes went from $194,475 in April 2015 to $223,455 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes fell from 2,235 square feet a year earlier to 1,813 square feet.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 18.6% of existing home closings, higher than 17.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.1% in May from 6.6% a year earlier while REO closings as a percentage of existing home closings stayed level at 10.4%.