New Home Sales and Prices Both Climb in Denver According to Newest Data
Posted on: Aug 08, 2014 11:18:04 AM
In the Denver, CO market in May, new home closings grew year-over-year, but the percentage surge, which was less than April 2014, seemed to suggest market leveling. There was a 11.0% jump in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 11.4% boost year-over-year in April.
A total of 5,497 new homes were sold during the 12 months that ended in May, up from 5,443 for the year that ended in April.
As a percentage of overall housing closings, new home closings made up 8.2%. This is an increase on a percentage basis, as new home closings were 7.0% of total closings a year ago. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 10.3% surge year-over-year in May to $436,160 per unit. This rise is higher than the 7.1% hike in April year-over-year.
The average mortgage size on newly sold homes saw a lift year-over-year along with new home prices. Average mortgage size rose 5.6% to $339,376 in May from a year earlier. In April 2014, average mortgage size on newly sold homes saw a 5.2% surge year-over-year from a year earlier.