In May, closings of new homes in the Coeur d'Alene, ID market gained year-over-year, swinging up after a drop in April 2016. There was a 41.9% hike in new home closings from a year earlier. This was after the housing market saw a 11.1% fall 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.
New home closings accounted for 8.0% of overall housing closings. This is an increase on a percentage basis, as new home closings were 6.1% of total closings a year ago. Following a decline in April year-over-year, closings of new and existing homes grew year-over-year in May.
Pricing and Mortgage Trends
The average price of newly sold homes gained year-over-year 6.0% in May to $288,295 per unit. This boost compares to a 23.7% drop in April from a year earlier.
Average mortgage size on new homes climbed year-over-year along with new home prices. In May 2016, there was a 2.5% lift in the average mortgage size, reaching $243,639. In April 2016, average mortgage size on newly sold homes saw a 20.9% decline 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 gained from 90.3% in May 2015 to 97.7% of closings in May 2016. Meanwhile, attached units as a percentage of all new home closings slid to 2.3% of closings from 9.7% of closings.
There was a 1.2% rise year-over-year in the average unit size of newly sold homes to 1,966 square feet in May 2016. In April, the average size of new homes sold went from 2,159 square feet a year earlier to 2,610 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 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 dropped to 4.2% from 7.1% a year earlier.