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.