Prices of New Homes Climb in Colorado Springs, Sales Drop According to Newest Data
Posted on: Dec 06, 2013 07:10:36 AM
New home closings declined year-over-year in September in the Colorado Springs, CO market, moving downward after a surge in August 2013. New home closings saw a decline of 1.1% from the year earlier to 186. This was after the housing market saw a 28.7% rise year-over-year in August.
A total of 2,173 new homes were sold during the 12 months that ended in September, down from 2,175 for the year that ended in August.
Out of all housing closings, new home closings made up 15.4%. As a part of the whole, new home closings were 16.0% a year earlier. Closings of new and existing homes rose year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
In September, there was a 21.7% surge year-over-year in the average price of newly sold homes, reaching $322,245 per unit. This hike is higher than the 4.5% boost in August year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In September 2013, the average mortgage size was $294,885, up 10.0% from a year earlier. In August 2013, average mortgage size rose 4.0% from a year earlier.