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Colorado Springs, CO - Recent New Home Sales Numbers Suggest Market Rise Slowing.

Posted on: Feb 06, 2012 09:17:24 AM

New home sales in the Colorado Springs, CO market rose year-over-year in November, but there were signs of market leveling as the percentage rise was less than October 2011. New home sales saw a rise of 6.7% from the year earlier to 128. This came after a 20.8% boost year-over-year in October.

A total of 1,426 new homes were sold during the 12 months that ended in November, up from 1,418 for the year that ended in October.

Of 851 total sales, 128 were of new homes. This is an increase on a percentage basis, as new home sales were 13.2% of total sales a year ago. After rising year-over-year in October, sales of new and existing homes dipped year-over-year in November.

Pricing and Mortgage Trends

Average price of newly sold homes saw a 3.5% decline year-over-year in November to $267,372 per unit. This is a swing down from the 5.2% rise in October year-over-year.

Average mortgage size on new homes declined year-over-year in contrast to new home prices. It fell to $226,736 in November, a 1.9% decline. In October 2011, average mortgage size on newly sold homes saw a 6.3% decline from a year earlier. Of the overall sale price, the percentage that was being financed increased 1.3 percentage points year-over-year to 84.8% in November 2011. In October 2011, there was an 8.6 percentage point decline in October from a year earlier.

Other Market Trends

Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes climbed from 88.3% in November 2010 to 91.4% of sales in November 2011. At the same time, the share of new home sales belonging to attached units fell to 8.6% of sales from 11.7% of sales.

The average unit size of newly sold homes went from 2,353 square feet in November 2010 to 2,349 square feet in November 2011. In October 2011, the average size of newly sold homes dipped 2.5% from the year earlier.

Foreclosures and real estate owned (REO) sales declined in November from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, represented 36.0% of existing sales, lower than 49.7% a year earlier. The percentage of existing home sales involving foreclosures declined to 17.4% in November from 22.5% a year earlier while REO sales as a percentage of existing home sales fell to 18.5% from 27.2% a year earlier.

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