New home closings dropped year-over-year in February in the Pueblo, CO market, and the decline was by a larger percentage than the January 2016. New home closings moved from 6 a year earlier to none after the figure moved from 5 in January 2015 to 1 in January 2016.
New home closings were 3.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 202 total closings. Closings of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Other Market Trends
There were no new home closings in February 2016, but average size of newly sold homes was 1,847 a year earlier.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 29.7% of existing closings, lower than 32.5% a year earlier. The percentage of existing home closings involving foreclosures went from 14.7% in February 2015 to 14.4% in February 2016 and REO closings as a percentage of existing home closings fell to 15.3% from 17.8% a year earlier.