There was a rise in closings of new homes in the Greeley, CO market in July year-over-year, but the percentage bump was less pronounced than June 2015, indicating the market may be evening out. New home closings saw a 24.8% climb from a year earlier to 136. This was after the housing market saw a 81.5% boost year-over-year in June.
A total of 1,566 new homes were sold during the 12 months that ended in July, up from 1,539 for the year that ended in June.
Out of all housing closings, new home closings made up 14.8%. As a part of the whole, new home closings were 13.8% a year earlier. Closings of new and existing homes rose year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
In July, the average price of newly sold homes gained year-over-year to $333,451 per unit, a 11.8% lift. This bump is higher than the 7.5% lift in June year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $281,524 in July, marking a 6.2% hike compared with a year earlier. Average mortgage size rose 7.3% in June 2015 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings increased from 95.4% of new closings in July 2014 to 97.1% of closings in July 2015. Conversely, the share of new home closings belonging to attached units slid to 2.9% of closings from 4.6% of closings.
For all new homes sold, the average unit size dropped 12.1% year-over-year to 2,013 square feet in July 2015. This fall was opposite the price hike, a pattern also seen in June 2015 when the average size of newly sold homes declined 31.9% to 1,734 square feet. The average size of newly sold homes moved from 2,548 square feet in June 2014 to 1,734 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 5.1% of existing closings, lower than 11.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.7% in July from 4.6% a year earlier while REO closings as a percentage of existing home closings sank to 3.5% from 7.1% a year earlier.