New home closings gained year-over-year in July in the Boise City, ID market, and there were hints that the market may be improving as the percentage boost was better than June 2015. New home closings saw a climb of 5.6% from the year earlier to 266. This was after the housing market saw a 4.1% boost year-over-year in June.
A total of 2,523 new homes were sold during the 12 months that ended in July, up from 2,509 for the year that ended in June.
As a percentage of overall housing closings, new home closings represented 13.3% of overall housing closings. A year ago, 14.0% of total closings were new home closings. Closings of new and existing homes increased year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes dropped year-over-year to $249,278 in July, a drop of 5.1% from a year earlier. This decline compares to a 2.6% hike in June year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. The average mortgage size slid to $219,994 in July, marking a 2.0% drop compared with last year. Average mortgage size climbed 3.8% in June 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes rose from 95.6% in July 2014 to 97.7% of closings in July 2015. Conversely, the share of new home closings belonging to attached units sank to 2.3% of closings from 4.4% of closings.
The average unit size of newly sold homes declined 3.3% year-over-year to 2,284 square feet in July 2015. The average size of newly sold homes moved from 2,350 square feet in June 2014 to 2,389 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 9.6% of closings, below 16.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.6% in July from 6.5% a year earlier while REO closings as a percentage of existing home closings fell to 5.9% from 10.3% a year earlier.