In February, there was a drop year-over-year in new home closings in the Idaho Falls, ID market, but the decline was less than the year-over-year decline in January. New home closings moved from 17 a year earlier to 4 after the figure moved from 22 in January 2015 to 3 in January 2016.
A total of 174 new homes were sold during the 12 months that ended in February, down from 187 for the year that ended in January.
New home closings were 8.4% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 4 of the 214 total closings. Closings of new and existing homes increased year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $227,805 from last year's $202,891. This came after a 15.4% surge in January year-over-year.
Average mortgage size on new homes increased to $198,801 from $178,089 last year. Average mortgage size on new homes went from $186,113 in January 2015 to $222,729 in January 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,782 square feet a year earlier to 2,983 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 18.6% of existing home closings, down from 28.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.6% in February from 14.1% a year earlier while REO closings as a percentage of existing home closings declined to 10.0% from 14.6% a year earlier.