In April, there was an increase in closings of new homes in the Boulder, CO market year-over-year, rising after a fall in March 2016. New home closings saw a jump of 32.7% from the year earlier to 69. In comparison, new home closings in the same month last year saw a 6.2% decline year-over-year in March.
A total of 665 new homes were sold during the 12 months that ended in April, up from 648 for the year that ended in March.
Out of all housing closings, new home closings made up 13.1%. This marks a rise from 8.7% of total closings a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes jumped year-over-year to $572,605 per unit, a 18.2% gain. This boost compares to a period of little change in March from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It grew to $402,353 in April, a 12.1% bump. Average mortgage size gained 4.5% in March 2016 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 61.5% of new closings in April 2015 to 68.1% of closings in April 2016. Conversely, the share of new home closings belonging to attached units sank to 31.9% of closings from 38.5% of closings.
The average unit size of newly sold homes dropped 2.9% year-over-year to 2,676 square feet in April 2016. In March, the average size of new homes sold went from 2,463 square feet a year earlier to 2,732 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 2.2% of existing home closings, below 2.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 0.7% in April from 2.0% a year earlier and REO closings moved from 0.9% of existing home closings in April 2015 to 1.5% in April 2016.