In the Fort Collins, CO market in September, new home closings declined year-over-year, a shift downward off a boost in August 2015. New home closings saw a fall of 13.4% from the year earlier to 116. This followed a 12.4% hike year-over-year in August.
A total of 1,456 new homes were sold during the 12 months that ended in September, down from 1,474 for the year that ended in August.
Out of all housing closings, new home closings represented 15.2%. This is down from the a year earlier when new home closings accounted for 18.3% of total closings. For new and existing homes, closings grew year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 22.9% in September to $407,841 per unit. This lift is an improvement over the 15.0% boost in August year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 15.7% rise year-over-year to $313,457 in September. Average mortgage size jumped 2.4% in August 2015 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings rose from 74.6% of new closings in September 2014 to 88.8% of closings in September 2015. At the same time, the share of new home closings belonging to attached units slid to 11.2% of closings from 25.4% of closings.
For all new homes sold, the average unit size gained 20.8% year-over-year to 2,793 square feet in September 2015. In August, the average size of new homes sold went from 2,410 square feet a year earlier to 2,241 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 5.1% of existing closings, lower than 6.7% a year earlier. The percentage of existing home closings involving foreclosures went from 3.0% in September 2014 to 2.5% in September 2015 and REO closings as a percentage of existing home closings declined to 2.6% from 3.7% a year earlier.