Closings of new homes declined year-over-year in September in the Pueblo, CO market, but the decline was less than the year-over-year decline in August. New home closings moved from 7 a year earlier to 3 after the figure moved from 9 in August 2014 to 2 in August 2015.
Last year, 7 of 264 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 264 total closings. After rising in August from a year earlier, closings of new and existing homes stayed steady in September.
Pricing and Mortgage Trends
The average new home value went from $124,374 last year to $193,633. This followed a 24.6% bump in August year-over-year.
There was a decline in average mortgage size on new homes, going from $166,713 last year to $113,967 in September 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
There was a move in the average unit size of newly sold homes from 1,429 square feet in September 2014 to 1,443 square feet in September 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 20.7% of closings, below 30.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.8% in September from 10.5% a year earlier while REO closings as a percentage of existing home closings dropped to 11.9% from 19.5% a year earlier.