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Colorado Springs, CO - Freshest New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January

Posted on: May 06, 2012 09:21:08 AM

Sales of new homes sank year-over-year in February in the Colorado Springs, CO market, a move downward following a gain in January 2012. New home sales saw a drop of 11.2% from the year earlier to 79. This came after a 40.3% hike year-over-year in January.

A total of 1,445 new homes were sold during the 12 months that ended in February, down from 1,455 for the year that ended in January.

A year earlier, new home sales accounted for 10.8% of overall housing sales and the percentage declined to 9.5% of sales in February 2012. Sales of new and existing homes increased year-over-year in February after also rising in January year-over-year.

Pricing and Mortgage Trends

In February, the average value of new homes saw an 11.4% boost year-over-year as it grew to $288,258 per unit. This is a turnaround from the 4.9% decline in January from a year earlier.

The average mortgage size on new homes moved north year-over-year along with new home prices. It rose 6.9% in February from a year earlier to $255,067. In January 2012, average mortgage size on newly sold homes saw a 1.1% decline from a year earlier. The overall percentage of sale price that was being financed slipped 3.7 percentage points year-over-year to 88.5% in February 2012. This came after a 3.6 percentage point rise in January 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 gained from 84.3% in February 2011 to 93.7% of sales in February 2012. Conversely, the share of new home sales belonging to attached units declined to 6.3% of sales from 15.7% of sales.

There was a 6.5% rise year-over-year in the average unit size of newly sold homes to 2,525 square feet in February 2012. In January, the average size of new homes sold went from 2,356 square feet a year earlier to 2,065 square feet.

Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales accounted for 48.1% of existing home sales. They represented 56.1% in February 2011. The percentage of existing home sales involving foreclosures dipped to 20.9% in February from 26.8% a year earlier while REO sales as a percentage of existing home sales declined to 27.2% from 29.3% a year earlier.

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