Prices of New Homes Climb in Denver, Sales Fall According to Freshest Data
Posted on: Apr 06, 2014 07:11:08 AM
New home closings in the Denver, CO market slid year-over-year in January, moving downward after a bump in December 2013. New home closings saw a 15.1% drop from a year earlier to 287. This was after the housing market saw a 2.9% rise year-over-year in December.
A total of 5,480 new homes were sold during the 12 months that ended in January, down from 5,531 for the year that ended in December.
As a percentage of overall housing closings, new home closings represented 8.3% of overall housing closings. A year ago, new home closings accounted for 9.1%. Following a year-over-year increase in December, closings of new and existing homes dropped year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $395,709 in January, up 1.2% from last year. This bump is smaller than the 9.0% hike in December year-over-year.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. It declined 2.5% in January from a year earlier to $312,232. In December 2013, average mortgage size on newly sold homes saw a 10.1% bump year-over-year from a year earlier.