New Home Prices Gain in Colorado Springs According to Newest Figures, Sales Decline
Posted on: Aug 08, 2014 11:15:34 AM
In the Colorado Springs, CO market in May, closings of new homes declined year-over-year, but there were signals the market may be evening out with a percentage decline less steep as in April 2014. There was a 3.8% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 10.3% fall year-over-year in April.
A total of 2,154 new homes were sold during the 12 months that ended in May, down from 2,162 for the year that ended in April.
New home closings represented 13.4% of overall closings, unchanged from a year earlier. For new and existing homes, closings dropped in May after also declining in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 3.5% bump year-over-year in May to $308,694 per unit. This hike is higher than the 2.9% boost in April year-over-year.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. In May 2014, average mortgage size dropped 3.1% from a year earlier to $268,219. Average mortgage size gained 3.0% in April 2014 from a year earlier.