In July, there was a decline year-over-year in new home closings in the Lewiston, ID market, and the decline was by a larger percentage than the June 2016. New home closings moved from 2 a year earlier to none after the figure moved from 3 in June 2015 to 1 in June 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.5% a year earlier. Following a year-over-year rise in June, closings of new and existing homes slid year-over-year in July.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 1.8% of closings, below 3.8% a year earlier. The percentage of existing home closings involving foreclosures fell to no part in July from 2.3% a year earlier and REO closings moved from 1.5% of existing home closings in July 2015 to 1.8% in July 2016.