The Boulder, CO market saw an increase in closings of new homes in May year-over-year, but the percentage edged up less than April 2016, suggesting the market may be leveling out. New home closings saw a 36.4% boost from a year earlier to 60. This was after the housing market saw a 36.5% jump year-over-year in April.
A total of 683 new homes were sold during the 12 months that ended in May, up from 667 for the year that ended in April.
As a percentage of overall housing closings, new home closings represented 10.3%. This is a rise from 6.7% of closings a year earlier. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 12.4% hike year-over-year to $554,239 per unit in May. This gain is smaller than the 17.6% rise in April year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In May 2016, the average mortgage size was $409,917, up 11.6% from a year earlier. In April 2016, average mortgage size on newly sold homes saw a 11.8% rise year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes gained from 70.5% in May 2015 to 71.7% of closings in May 2016. Meanwhile, attached units as a percentage of all new home closings fell to 28.3% of closings from 29.5% of closings.
There was a 10.2% boost year-over-year in the average unit size of newly sold homes to 2,633 square feet in May 2016. The average size of newly sold homes moved from 2,755 square feet in April 2015 to 2,654 square feet in April 2016.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 3.8% of existing home closings, higher than 2.3% a year earlier. The percentage of existing home closings involving foreclosures went from 1.0% in May 2015 to 1.5% in May 2016 and REO closings as a percentage of existing home closings grew to 2.3% from 1.3%.