In November, the Pocatello, ID market saw a drop year-over-year in new home closings, dropping after staying level in October. Closings stood at 0 in November after being 3 a year earlier and remaining unchanged at 0 in October from a year earlier. New home closings moved from 3 a year earlier to none after the figure moved from none in October 2014 to none in October 2015.
New home closings were none out of the 113 total closings, down on a percentage basis from 3 of 98 a year earlier. Following a year-over-year increase in October, closings of new and existing homes also increased year-over-year in November.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 23.0% of existing home closings, up from 21.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.5% in November from 7.4% a year earlier while REO closings as a percentage of existing home closings fell to 11.5% from 13.7% a year earlier.