In the Lewiston, ID market, closings of new homes dropped year-over-year in August, declining after staying relatively stable in July from the year earlier. Closings stood at 1 in August after being 2 a year earlier and remaining unchanged at 2 in July from a year earlier.
New home closings were 1 out of the 120 total closings, down on a percentage basis from 2 of 89 a year earlier. After dropping in July from a year earlier, closings of new and existing homes climbed year-over-year in August.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 8.4% of closings, below 10.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.5% in August from 5.7% a year earlier while REO closings as a percentage of existing home closings gained to 5.9% from 4.6%.