New Home Prices Increase in Colorado Springs According to Recent Figures, Sales Decrease
Posted on: Apr 06, 2014 07:09:13 AM
In January, the Colorado Springs, CO market saw a drop year-over-year in new home closings, and the percentage fall worsened from December 2013, indicating the market may be weakening. Closings slumped 5.8% from a year earlier to 129. This followed a 2.0% fall year-over-year in December.
A total of 2,218 new homes were sold during the 12 months that ended in January, down from 2,226 for the year that ended in December.
Out of all housing closings, new home closings accounted for 15.8%. This marks a rise from 14.2% of total closings a year earlier. Following a year-over-year decline in December, closings of new and existing homes also sank year-over-year in January.
Pricing and Mortgage Trends
In January, there was a 15.3% lift year-over-year in the average price of newly sold homes, reaching $329,055 per unit. This gain is higher than the 5.1% boost in December year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In January 2014, there was a 12.0% bump in the average mortgage size, reaching $290,064. In December 2013, average mortgage size climbed 6.7% from a year earlier.