Freshest Numbers Show New Home Closings Rise in Pueblo, Prices Drop
Posted on: May 06, 2013 07:30:01 AM
In the Pueblo, CO market in February, new home closings gained year-over-year, but the increase was less than January 2013. New home closings moved from four a year earlier to six after the figure moved from three in January 2012 to 10 in January 2013.
A total of 69 new homes were sold during the 12 months that ended in February, up from 67 for the year that ended in January.
New home closings were six of the 189 total closings, up on a percentage basis from four of 209 a year earlier. Following a period of little movement in January from a year earlier, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average value of new homes sold in February 2013 declined to $179,104 from the year-earlier figure of $217,002. This followed a 7.1% rise in January year-over-year.
Average mortgage size on new homes moved from $177,754 to $177,256. Average mortgage size on new homes went from $155,538 in January 2012 to $166,655 in January 2013. Of the overall sale price, the percentage that was being financed grew 17.1 percentage points year-over-year to 99.0% in February 2013. This comes after the figure remained relatively unchanged at 71.6% in January 2013.
Freshest Numbers Show New Home Closings Rise in Pueblo, Prices Drop
Posted on: May 06, 2013 07:30:01 AM
In the Pueblo, CO market in February, new home closings gained year-over-year, but the increase was less than January 2013. New home closings moved from four a year earlier to six after the figure moved from three in January 2012 to 10 in January 2013.
A total of 69 new homes were sold during the 12 months that ended in February, up from 67 for the year that ended in January.
New home closings were six of the 189 total closings, up on a percentage basis from four of 209 a year earlier. Following a period of little movement in January from a year earlier, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average value of new homes sold in February 2013 declined to $179,104 from the year-earlier figure of $217,002. This followed a 7.1% rise in January year-over-year.
Average mortgage size on new homes moved from $177,754 to $177,256. Average mortgage size on new homes went from $155,538 in January 2012 to $166,655 in January 2013. Of the overall sale price, the percentage that was being financed grew 17.1 percentage points year-over-year to 99.0% in February 2013. This comes after the figure remained relatively unchanged at 71.6% in January 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.
The average unit size of newly sold homes fell from 1,989 square feet a year earlier to 1,400 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 50.3% of closings, below 64.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 24.0% in February from 25.9% a year earlier while REO closings as a percentage of existing home closings sank to 26.2% from 39.0% a year earlier.
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Source: Housing Intelligence