In the Idaho Falls, ID market in December, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 16 a year earlier to 5 after the figure moved from 25 in November 2014 to 2 in November 2015.
A total of 206 new homes were sold during the 12 months that ended in December, down from 217 for the year that ended in November.
New home closings were 6.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 5 of the 233 total closings. Closings of new and existing homes slid year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $148,051, down from $217,949 a year earlier. This came after a 46.0% decline in November from a year earlier.
The average mortgage size moved to $152,908, down from last year's $190,647. Average mortgage size on new homes went from $199,684 in November 2014 to $105,470 in November 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 December 2015.
The average unit size of newly sold homes rose from 2,124 square feet a year earlier to 2,554 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 18.0% of existing closings, lower than 23.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.9% in December from 12.6% a year earlier and REO closings moved from 10.4% of existing home closings in December 2014 to 10.1% in December 2015.