In the Pueblo, CO market, new home closings declined year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 9 a year earlier to 2 after the figure moved from 4 in July 2014 to 2 in July 2015.
New home closings represented 2 out of the 316 total closings, which is a smaller percentage than the 9 of 268 total closings a year earlier. For new and existing homes, closings jumped year-over-year in August after also increasing in July year-over-year.
The average new home price was $258,500, up from $207,534 a year earlier. This came after a 10.5% boost in July year-over-year.
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.
The average unit size of newly sold homes rose from 1,790 square feet a year earlier to 1,853 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 17.2% of closings, below 28.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.3% in August from 14.7% a year earlier while REO closings as a percentage of existing home closings fell to 9.9% from 13.5% a year earlier.