Freshest Figures Show New Home Sales and Prices Climb in Denver
Posted on: Dec 06, 2013 07:12:42 AM
In the Denver, CO market, closings of new homes grew year-over-year in September, but there were hints the market may be leveling out with a percentage bump shallower than August 2013. New home closings saw a 4.1% hike from a year earlier to 477. This came after a 31.2% rise year-over-year in August.
A total of 5,293 new homes were sold during the 12 months that ended in September, up from 5,274 for the year that ended in August.
As a percentage of overall housing closings, new home closings made up 8.5% of overall housing closings. They represented 8.9% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also gained year-over-year in September.
Pricing and Mortgage Trends
In September, the average value of new homes saw a 12.8% surge year-over-year as it grew to $437,100 per unit. This gain is better than the 1.8% hike in August year-over-year.
Average mortgage size on new homes jumped year-over-year along with new home prices. In September 2013, the average mortgage size was $336,276, a 8.1% hike from a year earlier. In August 2013, average mortgage size jumped 6.0% from a year earlier.