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.