New home closings in the Idaho Falls, ID market fell year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 24 a year earlier to 10 after the figure moved from 32 in May 2015 to 9 in May 2016.
A total of 98 new homes were sold during the 12 months that ended in June, down from 112 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 2.6% from 6.6% a year earlier. Closings of new and existing homes climbed year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $216,335, down from last year's $243,962. This came after a 8.9% fall in May from a year earlier.
The average mortgage size moved to $181,481, down from last year's $209,683. Average mortgage size on new homes went from $200,397 in May 2015 to $173,474 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes fell from 1,876 square feet a year earlier to 1,190 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 8.6% of existing closings, lower than 15.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.3% in June from 6.1% a year earlier while REO closings as a percentage of existing home closings slid to 4.3% from 9.4% a year earlier.