In July, closings of new homes gained year-over-year in the Boise City, ID market, but with a rise less sharp than June 2016, there were suggestions the market may be leveling out. New home closings saw a 15.4% rise from a year earlier to 307. This was after the housing market saw a 17.9% rise year-over-year in June.
A total of 3,241 new homes were sold during the 12 months that ended in July, up from 3,200 for the year that ended in June.
Out of all housing closings, new home closings accounted for 14.9%. This is an increase on a percentage basis, as new home closings were 13.3% of total closings a year ago. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
In July, the average price of newly sold homes grew 10.5% year-over-year to $276,692 per unit. This lift follows a move from $276,334 per unit to $279,010 from June 2015 to June 2016.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. In July 2016, there was a 7.3% lift in the average mortgage size, reaching $236,569. It went from $240,266 to $239,737 from June 2015 to June 2016.
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 97.7% of new home closings to 97.1% of closings while attached units have gone from 2.3% of closings to 2.9% of closings.
For all new homes sold, the average unit size jumped 4.9% year-over-year to 2,338 square feet in July 2016. In June, the average size of new homes sold went from 2,264 square feet a year earlier to 2,292 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 5.7% of existing home closings, down from 9.8% a year earlier. The percentage of existing home closings involving foreclosures went from 3.8% in July 2015 to 3.2% in July 2016 and REO closings as a percentage of existing home closings fell to 2.5% from 6.1% a year earlier.