New home closings in the Fort Collins, CO market increased year-over-year in August, but there were signs the market may be evening out with a percentage bump shallower than July 2015. New home closings saw a 6.8% rise from a year earlier to 110. This was after the housing market saw a 18.7% climb year-over-year in July.
A total of 1,425 new homes were sold during the 12 months that ended in August, up from 1,418 for the year that ended in July.
Of the total number of closings, new home closings made up 13.4%. New home closings were 12.9% of overall closings last year. Following a year-over-year increase in July, closings of new and existing homes also grew year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 15.4% in August to $407,585 per unit. This boost is an improvement over the 12.7% gain in July year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In August 2015, the average mortgage size on newly sold homes saw a 3.1% bump from a year earlier. Average mortgage size rose 6.4% in July 2015 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. The share of new home closings belonging to attached units climbed from 7.8% of closings in August 2014 to 12.7% of closings in August 2015. Conversely, the share belonging to single-family homes fell to 87.3% of closings from 92.2% of closings.
For all new homes sold, the average unit size sank 7.9% year-over-year to 2,241 square feet in August 2015. In July, the average size of new homes sold went from 2,302 square feet a year earlier to 3,020 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 3.8% of existing home closings, below 5.6% a year earlier. The percentage of existing home closings involving foreclosures went from 2.3% in August 2014 to 1.4% in August 2015 and REO closings moved from 3.3% of existing home closings in August 2014 to 2.4% in August 2015.