Closings of new homes in the Lewiston, ID market remained steady year-over-year in September, staying flat after dropping year-over-year in August from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in August 2014 to 1 in August 2015.
1 of the 98 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Following a year-over-year increase in August, closings of new and existing homes also grew year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $252,900, up from $125,000 a year earlier. This followed a shift from no closings in August 2014 to an average price of $234,900 in August 2015.
The average mortgage size on new homes was $239,400, up from $100,000.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 2.1% of existing closings, lower than 8.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.1% in September from 4.2% a year earlier while REO closings as a percentage of existing home closings fell to no part from 4.2% a year earlier.