In March, the Idaho Falls, ID market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in February. New home closings moved from 28 a year earlier to 8 after the figure moved from 17 in February 2015 to 4 in February 2016.
A total of 154 new homes were sold during the 12 months that ended in March, down from 174 for the year that ended in February.
New home closings were 8 out of the 270 total closings, down on a percentage basis from 28 of 273 a year earlier. After rising year-over-year in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $223,400 last year to $252,812. This followed a 12.3% lift in February year-over-year.
The average mortgage size on new homes was $215,909, up from $183,713. Average mortgage size on new homes went from $178,089 in February 2015 to $198,801 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 14.5% of closings, below 22.4% a year earlier. The percentage of existing home closings involving foreclosures went from 8.2% in March 2015 to 8.4% in March 2016 and REO closings as a percentage of existing home closings sank to 6.1% from 14.3% a year earlier.