In the Pueblo, CO market, closings of new homes sank year-over-year in April, a decline following a rise in March 2016. New home closings moved from 11 a year earlier to 8 after the figure moved from 7 in March 2015 to 9 in March 2016.
New home closings were 8 out of the 283 total closings, a move on a percentage basis from 11 of 310 a year earlier. Following a year-over-year increase in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $239,527, an increase from $198,591 a year earlier. This followed a 11.2% surge in March year-over-year.
Average mortgage size on new homes rose from $194,475 to $223,455. Average mortgage size on new homes went from $189,169 in March 2015 to $191,563 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
There was a move in the average unit size of newly sold homes from 1,922 square feet in April 2015 to 1,925 square feet in April 2016.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 27.6% of existing home closings, down from 34.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.1% in April from 19.1% a year earlier and REO closings moved from 15.1% of existing home closings in April 2015 to 14.5% in April 2016.