In June, the Idaho Falls, ID market saw a fall year-over-year in new home closings, 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.
New home closings were 6.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 10 of the 384 total closings. Closings of new and existing homes gained year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $216,335, compared with $243,962 last year. This came after a 8.9% decline in May from a year earlier.
There was a decline in average mortgage size on new homes, going from $209,683 last year to $181,481 in June 2016. 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 fall from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 8.6% of closings, below 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 dropped to 4.3% from 9.4% a year earlier.