New home closings in the Idaho Falls, ID market declined year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 22 a year earlier to 3 after the figure moved from 23 in July 2014 to 7 in July 2015.
A total of 137 new homes were sold during the 12 months that ended in August, down from 156 for the year that ended in July.
Last year, 22 of 238 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 312 total closings. For new and existing homes, closings increased year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price for new homes in August 2015 was $217,736, a shift from $219,075 last year. This came after a 5.9% decline in July from a year earlier.
Average mortgage size on new homes went from $175,593 a year earlier to $215,581. Average mortgage size on new homes went from $194,557 in July 2014 to $203,029 in July 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,115 square feet a year earlier to 1,040 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 16.2% of existing home closings, down from 20.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.8% in August from 6.0% a year earlier while REO closings as a percentage of existing home closings slid to 8.4% from 14.4% a year earlier.