Closings of new homes rose year-over-year in May in the Coeur d'Alene, ID market, picking up from a fall in April 2016. Closings increased 41.9% from a year earlier to 44. This followed a 11.1% decline year-over-year in April.
A total of 572 new homes were sold during the 12 months that ended in May, up from 559 for the year that ended in April.
Of 549 total closings, 44 were of new homes. This is better than the 6.1% of closings a year earlier. After dropping in April from a year earlier, closings of new and existing homes gained year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year 6.0% in May to $288,295 per unit. This boost compares to a 23.7% fall in April from a year earlier.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size saw a 2.5% rise year-over-year to $243,639 in May. In April 2016, average mortgage size fell 20.9% 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. Single-family home closings climbed from 90.3% of new closings in May 2015 to 97.7% of closings in May 2016. Conversely, the share of new home closings belonging to attached units sank to 2.3% of closings from 9.7% of closings.
For all new homes sold, the average unit size jumped 1.2% year-over-year to 1,966 square feet in May 2016. The average size of newly sold homes moved from 2,159 square feet in April 2015 to 2,610 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 7.9% of existing home closings, down from 9.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.8% in May from 2.3% a year earlier while REO closings as a percentage of existing home closings fell to 4.2% from 7.1% a year earlier.