New home closings slid year-over-year in March in the Grand Junction, CO market, and the decline was by a larger percentage than the February 2016. New home closings moved from 17 a year earlier to 2 after the figure moved from 7 in February 2015 to 1 in February 2016.
New home closings represented 2 out of the 263 total closings, which is a smaller percentage than the 17 of 268 total closings a year earlier. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $430,738 from $244,815 a year ago. This came after a 33.1% drop in February from a year earlier.
Average mortgage size on new homes went from $212,043 a year earlier to $365,963. Average mortgage size on new homes went from $205,115 in February 2015 to $160,375 in February 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 21.1% of existing closings, lower than 24.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.6% in March from 8.0% a year earlier while REO closings as a percentage of existing home closings slid to 8.4% from 16.3% a year earlier.