New home closings fell year-over-year in December in the Fort Collins, CO market, moving downward after a boost in November 2015. New home closings saw a decline of 30.4% from the year earlier to 126. This came after a 4.1% hike year-over-year in November.
A total of 1,364 new homes were sold during the 12 months that ended in December, down from 1,419 for the year that ended in November.
New home closings made up 19.7% of overall housing closings. This is down from the a year earlier when new home closings accounted for 27.1% of total closings. Following a year-over-year rise in November, closings of new and existing homes fell year-over-year in December.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 42.7% year-over-year in December to $432,076 per unit. This gain is an improvement over the 22.2% boost in November year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. Average mortgage size increased 17.5% to $340,455 in December from a year earlier. In November 2015, average mortgage size gained 19.2% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 69.6% of new closings in December 2014 to 96.8% of closings in December 2015. At the same time, the share of new home closings belonging to attached units sank to 3.2% of closings from 30.4% of closings.
There was a 14.2% rise year-over-year in the average unit size of newly sold homes to 2,615 square feet in December 2015. An increase was also seen in November 2015 when the average size of new homes sold increased 27.7% to 2,966 square feet. The average size of newly sold homes moved from 2,323 square feet in November 2014 to 2,966 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 4.7% of closings, below 9.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.4% in December from 4.7% a year earlier while REO closings as a percentage of existing home closings slid to 3.3% from 4.9% a year earlier.