Closings of new homes in the Boise City, ID market increased year-over-year in November, and the market seemed to be hinting at bolstering with a percentage boost stronger than October 2015. New home closings saw a 60.5% jump from a year earlier to 268. This was after the housing market saw a 14.1% jump year-over-year in October.
A total of 2,853 new homes were sold during the 12 months that ended in November, up from 2,752 for the year that ended in October.
New home closings accounted for 19.1% of overall housing closings. This is a lift from 13.8% of closings a year earlier. Following a year-over-year increase in October, closings of new and existing homes also jumped year-over-year in November.
Pricing and Mortgage Trends
From November 2014 to November 2015, the average price of newly sold homes went from $260,056 to $262,059. This was on the heels of a 14.3% rise in October year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It rose 4.6% in November from a year earlier to $230,485. Average mortgage size climbed 17.2% in October 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes increased from 93.4% in November 2014 to 97.8% of closings in November 2015. Conversely, the share of new home closings belonging to attached units declined to 2.2% of closings from 6.6% of closings.
There was a move in the average unit size of newly sold homes from 2,207 square feet in November 2014 to 2,215 square feet in November 2015. The average size of newly sold homes moved from 2,352 square feet in October 2014 to 2,243 square feet in October 2015. In October 2015, the average size of newly sold homes sank 4.6% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 8.6% of closings, below 16.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.1% in November from 6.7% a year earlier while REO closings as a percentage of existing home closings declined to 4.5% from 9.3% a year earlier.