New Home Prices Climb in Colorado Springs According to Latest Figures, Sales Fall
Posted on: Jul 06, 2014 07:07:57 AM
In April, the Colorado Springs, CO market saw a decline year-over-year in new home closings, and the percentage fall, which was steeper than March 2014, gave suggestions that the market may be worsening. There was a 12.8% decline in new home closings from a year earlier. This followed a 8.7% decline year-over-year in March.
A total of 2,165 new homes were sold during the 12 months that ended in April, down from 2,189 for the year that ended in March.
New home closings accounted for 12.6% of overall housing closings. This is a fall 13.7% of closings a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, there was a 2.4% rise year-over-year in the average price of newly sold homes, reaching $292,120 per unit. This boost is smaller than the 4.7% gain in March year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It gained to $271,384 in April, a 3.3% gain. Average mortgage size grew 6.9% in March 2014 from a year earlier.