In the Boise City, ID market, new home closings increased year-over-year in September, and there were signs of strengthening market conditions as the percentage hike was an greater than August 2015. There was a 33.7% hike in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 15.9% climb year-over-year in August.
A total of 2,715 new homes were sold during the 12 months that ended in September, up from 2,649 for the year that ended in August.
New home closings made up 14.0% of overall housing closings. A year earlier, new home closings accounted for 13.8% of total closings. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 6.2% boost year-over-year in September to $269,182 per unit. This hike compares to a period of stability in August from a year earlier.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. It jumped to $235,837 in September, a 7.5% bump. It went from $223,959 to $222,884 from August 2014 to August 2015.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes increased from 94.9% in September 2014 to 98.1% of closings in September 2015. Conversely, the share of new home closings belonging to attached units fell to 1.9% of closings from 5.1% of closings.
The average unit size of newly sold homes declined 1.6% year-over-year to 2,229 square feet in September 2015. In August, the average size of new homes sold went from 2,200 square feet a year earlier to 2,209 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 9.7% of closings, below 14.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.2% in September from 6.5% a year earlier while REO closings as a percentage of existing home closings fell to 6.5% from 8.3% a year earlier.