Closings of new homes in the Lewiston, ID market remained steady year-over-year in November, staying flat after dropping year-over-year in October from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 3 in October 2014 to 1 in October 2015.
2 of the 86 total closings were new home closings, a shift on a percentage basis from 2 out of 82 a year earlier. Closings of new and existing homes increased year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $252,047, down from $338,256 a year earlier. This followed a 4.3% drop in October from a year earlier.
The average mortgage size on new homes was $227,560, up from $197,445.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up no part of existing home closings, below 5.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to no part in November from 1.2% a year earlier while REO closings as a percentage of existing home closings fell to no part from 3.8% a year earlier.