In September, there was a decline year-over-year in new home closings in the Fort Collins, CO market, drawing a downward slope off of a rise in August 2015. Closings dropped 13.4% from a year earlier to 116. This was after the housing market saw a 12.4% rise 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.
As a percentage of overall housing closings, new home closings represented 15.2%. This is down from the 18.3% of closings a year earlier. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $407,841 per unit in September, up 22.9%from a year earlier. This lift is higher than 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. In September 2015, the average mortgage size was $313,457, up 15.7% from a year earlier. In August 2015, average mortgage size increased 2.4% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings gained from 74.6% of new closings in September 2014 to 88.8% of closings in September 2015. Meanwhile, attached units as a percentage of all new home closings sank to 11.2% of closings from 25.4% of closings.
There was a 20.8% bump year-over-year in the average unit size of newly sold homes to 2,793 square feet in September 2015. The average size of newly sold homes moved from 2,410 square feet in August 2014 to 2,241 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 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 sank to 2.6% from 3.7% a year earlier.