In the Idaho Falls, ID market, new home closings slid year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 18 a year earlier to 5 after the figure moved from 6 in June 2014 to 4 in June 2015.
A total of 118 new homes were sold during the 12 months that ended in July, down from 131 for the year that ended in June.
New home closings represented 5 out of the 298 total closings, which is a smaller percentage than the 18 of 252 total closings a year earlier. For new and existing homes, closings gained year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $213,217, down from last year's $233,927. This was on the heels of a 7.9% drop in June from a year earlier.
There was a decline in average mortgage size on new homes, going from $189,173 last year to $178,643 in July 2015. Average mortgage size on new homes went from $170,346 in June 2014 to $183,070 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes rose from 2,113 square feet a year earlier to 2,407 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 11.9% of existing home closings, below 19.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.1% in July from 9.8% a year earlier while REO closings as a percentage of existing home closings fell to 6.8% from 9.8% a year earlier.