In the Denver, CO market, sales of new homes rose year-over-year in August, moving up after a decline in July 2011. Sales gained 13.4% from a year earlier to 331, relative to a 4.6% decline in July from the year earlier.
In the 12 months ending August 2011, there were 3,521 new home sales, up from an annualized 3,482 in July.
Of the total number of sales, new home sales made up 6.8%. A year earlier, new home sales accounted for 7.1% of total sales. Sales of new and existing homes increased year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
In August, the average price for new home sales was $347,159, an 8.8% decline from last year. This decline is less significant than the 6.1% decline in July from a year earlier.
For newly sold homes, the average mortgage size saw a drop year-over-year along with new home prices. In August 2011, average mortgage size on new homes sold was $280,639, down 11.9% from a year earlier. In July 2011, average mortgage size on newly sold homes saw a 12.7% fall from a year earlier. The overall percentage of sale price that was being financed slipped 2.9 percentage points year-over-year to 80.8% in August 2011.
Source:Housing Intelligence
