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.