The Grand Junction, CO market saw a drop in new home closings year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 8 a year earlier to 1 after the figure moved from 11 in October 2014 to 8 in October 2015.
New home closings were 4.0% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 224 total closings. Following a year-over-year increase in October, closings of new and existing homes also jumped year-over-year in November.
The average price of new homes rose to $416,300 from last year's $313,958. This came after a 40.9% fall in October from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 21.1% of existing home closings, below 24.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.0% in November from 11.6% a year earlier while REO closings as a percentage of existing home closings dropped to 12.1% from 13.2% a year earlier.