In the Coeur d'Alene, ID market, closings of new homes rose year-over-year in February, snapping back from a fall in January 2016. Closings increased 17.1% from a year earlier to 41. This followed a 11.4% drop year-over-year in January.
A total of 554 new homes were sold during the 12 months that ended in February, up from 548 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 11.5%. This marks a rise from 9.3% of total closings a year earlier. After rising year-over-year in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $254,713 per unit in February, up 31.5%from a year earlier. This hike is an improvement over the 17.6% boost in January year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. In February 2016, average mortgage size jumped 33.7% from a year earlier to $217,512. In January 2016, average mortgage size climbed 18.5% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 97.1% of new home closings to 97.6% of closings while attached units have gone from 2.9% of closings to 2.4% of closings.
The average unit size of newly sold homes increased 36.3% year-over-year to 2,535 square feet in February 2016. In January, the average size of new homes sold went from 2,019 square feet a year earlier to 3,868 square feet. An increase in both the average size and price of newly sold homes was also seen in January 2016 when the average size grew 91.6% to 3,868 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 11.7% of existing home closings, down from 26.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.1% in February from 14.6% a year earlier while REO closings as a percentage of existing home closings declined to 7.6% from 11.7% a year earlier.