Closings of new homes dropped year-over-year in April in the Grand Junction, CO market, but the decline was less than the year-over-year decline in March. New home closings moved from 17 a year earlier to 5 after the figure moved from 17 in March 2015 to 2 in March 2016.

Last year, 17 of 343 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 336 total closings. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.

Pricing and Mortgage Trends

The average new home value went from $261,730 last year to $290,160. This was on the heels of a 75.9% boost in March year-over-year.

Average mortgage size on new homes fell from $216,231 to $182,095. Average mortgage size on new homes went from $212,043 in March 2015 to $365,963 in March 2016.

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 fell from 1,883 square feet a year earlier to 1,626 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 15.1% of existing home closings, below 18.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.8% in April from 6.1% a year earlier while REO closings as a percentage of existing home closings fell to 10.3% from 12.6% a year earlier.

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