New home closings in the Fort Collins, CO market jumped year-over-year in February, recovering from a drop in January 2016. New home closings saw a jump of 14.7% from the year earlier to 109. This was after the housing market saw a 17.3% decline year-over-year in January.
A total of 1,377 new homes were sold during the 12 months that ended in February, up from 1,363 for the year that ended in January.
New home closings accounted for 22.2% of overall housing closings. This marks a rise from 20.5% of total closings a year earlier. Following a fall in January year-over-year, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 21.1% year-over-year in February to $434,381 per unit. This bump is smaller than the 23.4% lift in January year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. It jumped 17.0% in February from a year earlier to $325,993. In January 2016, average mortgage size grew 22.1% 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 increased from 87.4% of new closings in February 2015 to 97.2% of closings in February 2016. Meanwhile, attached units as a percentage of all new home closings declined to 2.8% of closings from 12.6% of closings.
The average unit size of newly sold homes grew 42.4% year-over-year to 3,075 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 7.8% of closings, below 9.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.1% in February from 4.9% a year earlier while REO closings as a percentage of existing home closings stayed level at 4.7%.