New Home Sales and Prices Both Increase in Denver According to Latest Data
Posted on: Mar 06, 2014 07:11:08 AM
In the Denver, CO market, new home closings grew year-over-year in December, but the percentage lift was not as steep as November 2013, giving signs of market evening out. Closings increased 1.4% from a year earlier to 525. In comparison, new home closings in the same month last year saw a 33.4% climb year-over-year in November.
A total of 5,475 new homes were sold during the 12 months that ended in December, up from 5,468 for the year that ended in November.
New home closings made up 11.3% of overall housing closings. A year ago, 11.7% of total closings were new home closings. For new and existing homes, closings rose year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year 8.6% in December to $428,874 per unit. This boost follows a move from $405,242 per unit in November 2012 to $402,056 in November 2013.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. Average mortgage size increased 9.8% to $340,933 in December from a year earlier. In November 2013, average mortgage size increased 7.4% from a year earlier.