Closings of new homes in the Colorado Springs, CO market dropped year-over-year in July, a shift downward off a rise in June 2015. New home closings saw a 1.9% decline from a year earlier to 204. In comparison, new home closings in the same month last year saw a 17.9% climb year-over-year in June.
A total of 2,091 new homes were sold during the 12 months that ended in July, down from 2,095 for the year that ended in June.
New home closings made up 11.4% of overall housing closings. This is down from the 13.1% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes also increased year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $330,693 per unit in July, up 2.0%from a year earlier. This surge is smaller than the 6.7% gain in June year-over-year.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. Average mortgage size slid by 2.0% from a year earlier, settling at $291,777 in July. In June 2015, average mortgage size rose 7.2% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings increased from 87.5% of new closings in July 2014 to 91.7% of closings in July 2015. Conversely, the share of new home closings belonging to attached units fell to 8.3% of closings from 12.5% of closings.
The average unit size of newly sold homes went from 2,761 square feet in July 2014 to 2,785 square feet in July 2015. In June, the average size of new homes sold went from 2,690 square feet a year earlier to 2,660 square feet. In June 2015, the average size of newly sold homes dropped 1.1% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.8% of closings, below 16.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.2% in July from 10.5% a year earlier and REO closings moved from 5.9% of existing home closings in July 2014 to 5.7% in July 2015.