In the Coeur d'Alene, ID market, closings of new homes jumped year-over-year in March, and there were signs of strengthening market conditions as the percentage lift was an greater than February 2016. There was a 22.6% rise in new home closings from a year earlier. This was after the housing market saw a 17.1% hike year-over-year in February.
A total of 562 new homes were sold during the 12 months that ended in March, up from 555 for the year that ended in February.
New home closings accounted for 6.9% of overall housing closings. A year earlier, new home closings made up 7.1% of total closings. Following a decline in February year-over-year, closings of new and existing homes gained year-over-year in March.
Pricing and Mortgage Trends
In March, the average per-unit price of new homes declined by 13.2% year-over-year to $270,717. This drop compares to a 31.5% lift in February year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It dropped 12.0% in March from a year earlier, reaching $236,500. In February 2016, average mortgage size on newly sold homes saw a 33.7% rise year-over-year from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes increased 51.7% year-over-year to 3,141 square feet in March 2016. The average size of newly sold homes moved from 1,860 square feet in February 2015 to 2,535 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 10.0% of closings, below 13.7% a year earlier. The percentage of existing home closings involving foreclosures went from 4.2% in March 2015 to 3.5% in March 2016 and REO closings as a percentage of existing home closings declined to 6.4% from 9.6% a year earlier.