Newest Figures Show New Home Sales Increase in Colorado Springs, Prices Fall
Posted on: May 06, 2013 07:07:53 AM
Closings of new homes grew year-over-year in February in the Colorado Springs, CO market, and there were signs that the market may be improving as the percentage lift was better than January 2013. There was a 70.6% hike in new home closings from a year earlier. This came after a 43.8% hike year-over-year in January.
A total of 1,864 new homes were sold during the 12 months that ended in February, up from 1,804 for the year that ended in January.
Of 1,017 total closings, 145 were of new homes. This is up from the 9.9% of closings a year earlier. For new and existing homes, closings jumped year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes slipped to $281,126 in February, a decline of 4.4% year-over-year from a year earlier. This decline is a swing down from a 9.8% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year in contrast to new home prices. It rose to $267,476 in February, a 4.4% rise. Average mortgage size gained 11.3% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed increased 8.0 percentage points year-over-year to 95.1% in February 2013.
Newest Figures Show New Home Sales Increase in Colorado Springs, Prices Fall
Posted on: May 06, 2013 07:07:53 AM
Closings of new homes grew year-over-year in February in the Colorado Springs, CO market, and there were signs that the market may be improving as the percentage lift was better than January 2013. There was a 70.6% hike in new home closings from a year earlier. This came after a 43.8% hike year-over-year in January.
A total of 1,864 new homes were sold during the 12 months that ended in February, up from 1,804 for the year that ended in January.
Of 1,017 total closings, 145 were of new homes. This is up from the 9.9% of closings a year earlier. For new and existing homes, closings jumped year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes slipped to $281,126 in February, a decline of 4.4% year-over-year from a year earlier. This decline is a swing down from a 9.8% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year in contrast to new home prices. It rose to $267,476 in February, a 4.4% rise. Average mortgage size gained 11.3% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed increased 8.0 percentage points year-over-year to 95.1% in February 2013.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have slumped. Attached unit closings rose from 5.9% of all closings in February 2012 to 12.4% of closings in February 2013. Conversely, the share belonging to single-family homes fell to 87.6% of closings from 94.1% of closings.
There was a 6.1% decline year-over-year in the average unit size of newly sold homes to 2,427 square feet in February 2013. A decrease in both the average size and price of newly sold homes was also seen in January 2013 when the average size increased 11.1% to 2,197 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 36.4% of existing home closings, below 47.9% a year earlier. The percentage of existing home closings involving foreclosures dipped to 17.5% in February from 21.1% a year earlier while REO closings as a percentage of existing home closings declined to 18.8% from 26.8% a year earlier.
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Source: Housing Intelligence