In the Lewiston, ID market in April, new home closings declined year-over-year, dropping after a year-over-year increase in March 2016. New home closings moved from 2 a year earlier to 1 after the figure moved from none in March 2015 to 1 in March 2016.
New home closings were 1 out of the 85 total closings, a move on a percentage basis from 2 of 117 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $212,500, compared with $243,100 last year. This followed a shift to an average price of $432,000 in March 2016 after there were no closings in March 2015.
Average mortgage size on newly sold homes saw a decline year-over-year from $178,000 to $170,000.
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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 2.4% of existing home closings, down from 7.0% a year earlier. The percentage of existing home closings involving foreclosures went from 0.9% in April 2015 to 1.2% in April 2016 and REO closings as a percentage of existing home closings declined to 1.2% from 6.1% a year earlier.