New Home Closings in Fort Collins Rise, Prices Decrease According to Freshest Figures
Posted on: May 06, 2013 07:12:30 AM
The Fort Collins, CO market saw a rise in new home closings in February year-over-year, but as the percentage rose less than January 2013, the market seemed to show signs of leveling. New home closings saw a boost of 77.3% from the year earlier to 78 after closings increased more than twofold in January from the year earlier.
A total of 1,104 new homes were sold during the 12 months that ended in February, up from 1,070 for the year that ended in January.
Out of all housing closings, new home closings represented 16.5%. This is a hike from 12.4% of closings a year earlier. For new and existing homes, closings grew year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average per-unit price of new homes dipped by 5.1% year-over-year to $291,016. This decline is larger than the 5.1% decline in January from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It declined 5.0% in February from a year earlier, reaching $234,527. In January 2013, average mortgage size fell 5.0% from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 80.5% of average price to 80.6% from a year earlier. In January 2013, it was relatively unchanged from the year earlier.
New Home Closings in Fort Collins Rise, Prices Decrease According to Freshest Figures
Posted on: May 06, 2013 07:12:30 AM
The Fort Collins, CO market saw a rise in new home closings in February year-over-year, but as the percentage rose less than January 2013, the market seemed to show signs of leveling. New home closings saw a boost of 77.3% from the year earlier to 78 after closings increased more than twofold in January from the year earlier.
A total of 1,104 new homes were sold during the 12 months that ended in February, up from 1,070 for the year that ended in January.
Out of all housing closings, new home closings represented 16.5%. This is a hike from 12.4% of closings a year earlier. For new and existing homes, closings grew year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average per-unit price of new homes dipped by 5.1% year-over-year to $291,016. This decline is larger than the 5.1% decline in January from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It declined 5.0% in February from a year earlier, reaching $234,527. In January 2013, average mortgage size fell 5.0% from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 80.5% of average price to 80.6% from a year earlier. In January 2013, it was relatively unchanged from the year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings gained from 6.8% of all closings in February 2012 to 11.5% of closings in February 2013. Conversely, the share belonging to single-family homes slid to 88.5% of closings from 93.2% of closings.
For all new homes sold, the average unit size sank 51.8% year-over-year to 981 square feet in February 2013.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 25.8% of existing home closings, down from 41.2% a year earlier. The percentage of existing home closings involving foreclosures slipped to 13.6% in February from 20.6% a year earlier while REO closings as a percentage of existing home closings declined to 12.1% from 20.6% a year earlier.
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Source: Housing Intelligence