The Grand Junction, CO market saw a drop in new home closings year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 9 a year earlier to 3 after the figure moved from 14 in July 2014 to 3 in July 2015.
New home closings represented 3 out of the 274 total closings, which is a smaller percentage than the 9 of 309 total closings a year earlier. Following a year-over-year rise in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $334,550, up from $289,879 a year earlier. This was on the heels of a 78.0% gain in July year-over-year.
Average mortgage size on new homes moved from $227,505 to $229,137. Average mortgage size on new homes went from $215,783 in July 2014 to $283,735 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 19.2% of existing closings, lower than 28.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.7% in August from 12.3% a year earlier while REO closings as a percentage of existing home closings sank to 8.5% from 16.0% a year earlier.