In the Greeley, CO market, new home closings gained year-over-year in August, and with a stronger gain in comparison with July 2015, the market seems to be strengthening. Closings climbed 29.4% from a year earlier to 154. This followed a 25.7% boost year-over-year in July.
A total of 1,630 new homes were sold during the 12 months that ended in August, up from 1,595 for the year that ended in July.
As a percentage of overall housing closings, new home closings accounted for 21.5%. This is better than the 16.4% of closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes fell year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes was $328,473 per unit in August, up 11.0%from a year earlier. This boost is smaller than the 11.0% gain in July year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size rose 10.9% to $283,579 in August from a year earlier. In July 2015, average mortgage size increased 6.0% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes gained from 91.6% in August 2014 to 92.9% of closings in August 2015. At the same time, the share of new home closings belonging to attached units sank to 7.1% of closings from 8.4% of closings.
There was a 28.4% hike year-over-year in the average unit size of newly sold homes to 2,376 square feet in August 2015. In July, the average size of new homes sold went from 2,290 square feet a year earlier to 1,945 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 8.0% of existing home closings, down from 9.7% a year earlier. The percentage of existing home closings involving foreclosures went from 3.5% in August 2014 to 3.2% in August 2015 and REO closings as a percentage of existing home closings sank to 4.8% from 6.3% a year earlier.