In the Idaho Falls, ID market, closings of new homes dropped year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 22 a year earlier to 3 after the figure moved from 16 in December 2014 to 5 in December 2015.
A total of 187 new homes were sold during the 12 months that ended in January, down from 206 for the year that ended in December.
Last year, 22 of 196 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 199 total closings. Closings of new and existing homes gained in January after staying steady in December from a year earlier.
Pricing and Mortgage Trends
The average price of new homes was $259,199, an increase from $224,558 a year earlier. This was on the heels of a 32.1% decline in December from a year earlier.
The average mortgage size on new homes was $222,729, up from $186,113. Average mortgage size on new homes went from $190,647 in December 2014 to $152,908 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes fell from 2,075 square feet a year earlier to 1,040 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 19.4% of existing home closings, below 25.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.8% in January from 13.8% a year earlier while REO closings as a percentage of existing home closings dropped to 6.6% from 11.5% a year earlier.