New home closings climbed year-over-year in March in the Boise City, ID market, and the percentage lift, which was better than February 2016, suggested the market may be improving. New home closings saw a 32.8% hike from a year earlier to 267. This was after the housing market saw a 12.6% jump year-over-year in February.
A total of 3,059 new homes were sold during the 12 months that ended in March, up from 2,993 for the year that ended in February.
Out of all housing closings, new home closings made up 14.6%. This is a gain from 12.2% of closings a year earlier. Following a year-over-year increase in February, closings of new and existing homes also jumped year-over-year in March.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.3% rise year-over-year to $277,766 per unit in March. This boost is smaller than the 1.8% lift in February year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $240,249 in March, marking a 2.8% rise compared with a year earlier. In February 2016, average mortgage size increased 1.1% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 97.5% of new home closings to 97.4% of closings while attached units have gone from 2.5% of closings to 2.6% of closings.
For all new homes sold, the average unit size increased 4.8% year-over-year to 2,321 square feet in March 2016. In February, the average size of new homes sold went from 2,289 square feet a year earlier to 2,308 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 13.1% of existing closings, lower than 13.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.9% in March from 4.3% a year earlier while REO closings as a percentage of existing home closings dropped to 7.2% from 9.5% a year earlier.