In the Coeur d'Alene, ID market, closings of new homes sank year-over-year in April, shifting downward off a rise in March 2016. New home closings saw a drop of 11.1% from the year earlier to 40. In comparison, new home closings in the same month last year saw a 22.6% climb year-over-year in March.
A total of 558 new homes were sold during the 12 months that ended in April, down from 563 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 7.7% of overall housing closings. A year earlier, new home closings made up 7.9% of total closings. Following a year-over-year rise in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
The average per-unit value of new homes fell year-over-year to $240,502 in April, a decline of 23.7% from a year earlier. This fall is larger than the 13.2% drop in March from a year earlier.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. It slid 20.9% in April from a year earlier to $212,230. In March 2016, average mortgage size on newly sold homes saw a 12.0% decline from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
There was a 20.9% hike year-over-year in the average unit size of newly sold homes to 2,610 square feet in April 2016. In March, the average size of new homes sold went from 2,071 square feet a year earlier to 3,141 square feet. This lift was opposite the price drop, a pattern also seen in March 2016 when the average size of newly sold homes grew 51.7% to 3,141 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 11.6% of closings, below 16.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.0% in April from 9.3% a year earlier and REO closings moved from 7.2% of existing home closings in April 2015 to 6.7% in April 2016.