Freshest Numbers Indicate New Home Closings and Prices Decline in Boulder
Posted on: May 06, 2013 07:04:32 AM
In the Boulder, CO market, closings of new homes declined year-over-year in February, and the percentage drop was steeper than January 2013. New home closings saw a 22.9% fall from a year earlier to 27. This came on the heels of a 10.3% drop year-over-year in January.
A total of 463 new homes were sold during the 12 months that ended in February, down from 471 for the year that ended in January.
Moving south from a year earlier, new home closings in February 2013 made up 7.2% of overall housing closings, while the year-ago figure was 12.6%. Closings of new and existing homes grew year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in February was $389,042 per unit, down 7.3% from a year earlier. This decline is larger than the 5.0% decline in January from a year earlier.
Average mortgage size on new homes went from $286,175 in February 2012 to $283,791 in February 2013. It went from $321,024 to $323,836 from January 2012 to January 2013. For new home closings, the percentage of the sale price that was being financed increased 4.8 percentage points year-over-year to 72.9% in February 2013. This was another rise after January 2013 when there was a 4.1 percentage point rise from a year earlier.
Freshest Numbers Indicate New Home Closings and Prices Decline in Boulder
Posted on: May 06, 2013 07:04:32 AM
In the Boulder, CO market, closings of new homes declined year-over-year in February, and the percentage drop was steeper than January 2013. New home closings saw a 22.9% fall from a year earlier to 27. This came on the heels of a 10.3% drop year-over-year in January.
A total of 463 new homes were sold during the 12 months that ended in February, down from 471 for the year that ended in January.
Moving south from a year earlier, new home closings in February 2013 made up 7.2% of overall housing closings, while the year-ago figure was 12.6%. Closings of new and existing homes grew year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in February was $389,042 per unit, down 7.3% from a year earlier. This decline is larger than the 5.0% decline in January from a year earlier.
Average mortgage size on new homes went from $286,175 in February 2012 to $283,791 in February 2013. It went from $321,024 to $323,836 from January 2012 to January 2013. For new home closings, the percentage of the sale price that was being financed increased 4.8 percentage points year-over-year to 72.9% in February 2013. This was another rise after January 2013 when there was a 4.1 percentage point rise from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units jumped from 37.1% of closings in February 2012 to 44.4% of closings in February 2013. At the same time, the share belonging to single-family homes slid to 55.6% of closings from 62.9% of closings.
The average unit size of newly sold homes went from 2,197 square feet in February 2012 to 2,177 square feet in February 2013. In January 2013, the average size of newly sold homes rose 2.0% from the year earlier.
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 21.7% of existing home closings. In February 2012, they represented 27.2%. The percentage of existing home closings involving foreclosures slipped to 8.4% in February from 11.5% a year earlier while REO closings as a percentage of existing home closings dipped to 13.3% from 15.6% a year earlier.
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Source: Housing Intelligence