New Home Sales and Prices Both Rise in Grand Junction According to Freshest Data
Posted on: May 06, 2013 07:13:53 AM
In February, closings of new homes grew year-over-year in the Grand Junction, CO market, rebounding from a year-over-year decline in January 2013. New home closings moved from four a year earlier to eight after the figure moved from 12 in January 2012 to 10 in January 2013.
A total of 184 new homes were sold during the 12 months that ended in February, up from 180 for the year that ended in January.
New home closings were eight of the 221 total closings, up on a percentage basis from four of 200 a year earlier. After dropping in January from a year earlier, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $227,719, up from $182,925 a year earlier. This was on the heels of a 7.8% rise in January year-over-year.
The average mortgage size on new homes was $206,666, up from $182,839. Average mortgage size on new homes went from $170,382 in January 2012 to $168,609 in January 2013. The overall percentage of sale price that was being financed dipped 9.2 percentage points year-over-year to 90.8% in February 2013.
New Home Sales and Prices Both Rise in Grand Junction According to Freshest Data
Posted on: May 06, 2013 07:13:53 AM
In February, closings of new homes grew year-over-year in the Grand Junction, CO market, rebounding from a year-over-year decline in January 2013. New home closings moved from four a year earlier to eight after the figure moved from 12 in January 2012 to 10 in January 2013.
A total of 184 new homes were sold during the 12 months that ended in February, up from 180 for the year that ended in January.
New home closings were eight of the 221 total closings, up on a percentage basis from four of 200 a year earlier. After dropping in January from a year earlier, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $227,719, up from $182,925 a year earlier. This was on the heels of a 7.8% rise in January year-over-year.
The average mortgage size on new homes was $206,666, up from $182,839. Average mortgage size on new homes went from $170,382 in January 2012 to $168,609 in January 2013. The overall percentage of sale price that was being financed dipped 9.2 percentage points year-over-year to 90.8% in February 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Combined, foreclosures plus REO closings accounted for 57.7% of existing home closings. In February 2012, they made up 64.3%. The percentage of existing home closings involving foreclosures went from 34.2% in February 2012 to 33.8% in February 2013 and REO closings as a percentage of existing home closings declined to 23.9% from 30.1% a year earlier.
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Source: Housing Intelligence