Closings of new homes in the Lewiston, ID market saw no change year-over-year in September, staying relatively stable after having decreased year-over-year in August. Closings remained level at 1 from a year earlier after the figure moved from 2 in August 2014 to 1 in August 2015.
Out of the 98 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $252,900 from $125,000 a year ago. This came after a set of periods with no new home closings in both August 2015 or August 2014.
Average mortgage size on new homes rose from $100,000 to $239,400.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 2.1% of closings, below 8.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.1% in September from 4.2% a year earlier while REO closings as a percentage of existing home closings slid to no part from 4.2% a year earlier.