In July, there was an increase in closings of new homes in the Greeley, CO market year-over-year, and the market seemed to be suggesting strengthening with a percentage rise more robust than June 2016. New home closings saw a 24.6% boost from a year earlier to 172. In comparison, new home closings in the same month last year saw a 5.0% jump year-over-year in June.
A total of 1,975 new homes were sold during the 12 months that ended in July, up from 1,941 for the year that ended in June.
New home closings accounted for 21.2% of overall housing closings. This marks a rise from 15.0% of total closings a year earlier. For new and existing homes, closings fell in July after also declining in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 5.3% rise year-over-year to $350,858 per unit in July. This hike is smaller than the 5.5% surge in June year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $298,871 in July, marking a 6.1% rise compared with a year earlier. In June 2016, average mortgage size on newly sold homes saw a 2.7% lift year-over-year from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings rose from 3.6% of all closings in July 2015 to 7.6% of closings in July 2016. At the same time, the share belonging to single-family homes dropped to 92.4% of closings from 96.4% of closings.
The average unit size of newly sold homes grew 13.4% year-over-year to 2,411 square feet in July 2016. The average size of newly sold homes moved from 2,236 square feet in June 2015 to 2,165 square feet in June 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 3.9% of existing home closings, below 5.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 0.6% in July from 1.7% a year earlier and REO closings moved from 3.6% of existing home closings in July 2015 to 3.3% in July 2016.