In March, there was a decline year-over-year in new home closings in the Greeley, CO market, but the percentage fall was not as steep as February 2016, suggesting that the market may be stabilizing. Closings slid 2.8% from a year earlier to 176. In comparison, new home closings in the same month last year saw a 5.1% decline year-over-year in February.
A total of 1,908 new homes were sold during the 12 months that ended in March, down from 1,913 for the year that ended in February.
Of the total number of closings, new home closings made up 27.5%. A year earlier, new home closings accounted for 26.9% of total closings. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 11.0% year-over-year in March to $357,452 per unit. This rise is higher than the 7.7% surge in February year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. Average mortgage size rose 7.0% to $296,069 in March from a year earlier. Average mortgage size went from $276,304 in February 2015 to $278,290 in February 2016.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 96.7% of new home closings to 96.0% of closings while attached units have gone from 3.3% of closings to 4.0% of closings.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 8.0% of existing home closings, down from 10.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.4% in March from 3.7% a year earlier while REO closings as a percentage of existing home closings dropped to 5.6% from 6.9% a year earlier.