New Home Sales Rise in Denver, Prices Drop According to Recent Data
Posted on: May 06, 2013 07:09:31 AM
In February, closings of new homes climbed year-over-year in the Denver, CO market, but the percentage rise was less pronounced than January 2013, indicating the market may be evening out. Closings climbed 42.1% from a year earlier to 351, relative to a 57.8% hike in January from the year earlier.
A total of 4,636 new homes were sold during the 12 months that ended in February, up from 4,532 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 8.9%. This marks a rise from 7.1% of total closings a year earlier. For new and existing homes, closings gained year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, there was a 2.9% decline year-over-year in the average per-unit price of newly sold homes, settling at $388,405. This decline is larger than the 1.4% decline in January from a year earlier.
For newly sold homes, average mortgage size moved from $313,102 in February 2012 to $314,607 in February 2013. Average mortgage size dipped 2.9% in January 2013 from a year earlier. The overall percentage of sale price that was being financed increased 2.7 percentage points year-over-year to 81.0% in February 2013. In January 2013, there was a 1.3 percentage point decline in January from a year earlier.
New Home Sales Rise in Denver, Prices Drop According to Recent Data
Posted on: May 06, 2013 07:09:31 AM
In February, closings of new homes climbed year-over-year in the Denver, CO market, but the percentage rise was less pronounced than January 2013, indicating the market may be evening out. Closings climbed 42.1% from a year earlier to 351, relative to a 57.8% hike in January from the year earlier.
A total of 4,636 new homes were sold during the 12 months that ended in February, up from 4,532 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 8.9%. This marks a rise from 7.1% of total closings a year earlier. For new and existing homes, closings gained year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, there was a 2.9% decline year-over-year in the average per-unit price of newly sold homes, settling at $388,405. This decline is larger than the 1.4% decline in January from a year earlier.
For newly sold homes, average mortgage size moved from $313,102 in February 2012 to $314,607 in February 2013. Average mortgage size dipped 2.9% in January 2013 from a year earlier. The overall percentage of sale price that was being financed increased 2.7 percentage points year-over-year to 81.0% in February 2013. In January 2013, there was a 1.3 percentage point decline in January from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes increased from 75.3% in February 2012 to 87.5% of closings in February 2013. Conversely, the share of new home closings belonging to attached units slid to 12.5% of closings from 24.7% of closings.
For all new homes sold, the average unit size sank 20.8% year-over-year to 1,802 square feet in February 2013.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 27.4% of existing home closings, below 48.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.3% in February from 22.2% a year earlier while REO closings as a percentage of existing home closings declined to 15.1% from 26.1% a year earlier.
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Source: Housing Intelligence