In September, there was a fall year-over-year in new home closings in the Boulder, CO market, a downhill move after a hike in August 2015. New home closings saw a 7.0% decline from a year earlier to 53. This came on the heels of a 20.8% boost year-over-year in August.
A total of 709 new homes were sold during the 12 months that ended in September, down from 713 for the year that ended in August.
Out of all housing closings, new home closings made up 9.4%. This is down from the a year earlier when new home closings represented 11.7% of total closings. For new and existing homes, closings rose year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 32.8% rise year-over-year in September to $523,463 per unit. This gain is an improvement over the 21.8% bump in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In September 2015, the average mortgage size on newly sold homes saw a 15.7% rise from a year earlier. Average mortgage size rose 21.4% in August 2015 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes gained from 78.9% in September 2014 to 83.0% of closings in September 2015. At the same time, the share of new home closings belonging to attached units slid to 17.0% of closings from 21.1% of closings.
The average unit size of newly sold homes went from 2,367 square feet in September 2014 to 2,381 square feet in September 2015. In August 2015, the average size of newly sold homes increased 14.7% from the year earlier. The average size of newly sold homes moved from 2,417 square feet in August 2014 to 2,772 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 2.5% of existing home closings, below 3.9% a year earlier. The percentage of existing home closings involving foreclosures went from 1.9% in September 2014 to 1.2% in September 2015 and REO closings moved from 2.1% of existing home closings in September 2014 to 1.4% in September 2015.