In September, the Colorado Springs, CO market saw a decline year-over-year in new home sales, moving downward after a rise in August 2011. New home sales saw a 2.3% decline from a year earlier to 129 after sales increased 5.9% in August from the year earlier.

In the 12 months ending September 2011, there were 1,399 new home sales, down from an annualized 1,402 in August.

Out of all housing sales, new home sales made up 11.3%. They represented 12.2% of sales a year earlier. For new and existing homes, sales rose year-over-year in September after also increasing in August year-over-year.

Average price of newly sold homes had a 5.1% rise year-over-year to $291,057 per unit in September. This rise is a swing up from a 1.9% decline in August from a year earlier.

For newly sold homes, the average mortgage size increased year-over-year along with new home prices. It gained to $278,702 in September, a 14.5% lift. Average mortgage size went from $268,123 in August 2010 to $266,215 in August 2011. Of the overall sale price, the percentage that was being financed increased 7.9 percentage points year-over-year to 95.8% in September 2011. This was another rise after August 2011 when there was a 1.1 percentage point rise from a year earlier.

As a share of new home sales, single-family home sales have climbed from last while the share belonging to attached units has fallen. The share of new home sales belonging to single-family homes grew from 86.4% in September 2010 to 88.4% of sales in September 2011. Meanwhile, attached units as a percentage of all new home sales declined to 11.6% of sales from 13.6% of sales.

The average unit size of newly sold homes went from 2,437 square feet in September 2010 to 2,446 square feet in September 2011. In August 2011, the average size of newly sold homes rose 4.9% from the year earlier.

Foreclosures and real estate owned (REO) sales decreased in September from a year earlier, but remained a burden on the market. Together, foreclosures plus REO sales made up 40.9% of existing home sales, down from 52.8% of sales a year earlier. The percentage of existing home sales belonging to foreclosures slipped to 24.7% of sales in September from 29.9% a year earlier while REO sales as a percentage of existing home sales dipped to 16.2% of sales from 22.9% of sales a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.