In April, the Idaho Falls, ID market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 27 a year earlier to 8 after the figure moved from 28 in March 2015 to 8 in March 2016.
A total of 135 new homes were sold during the 12 months that ended in April, down from 154 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 2.7% from 7.9% a year earlier. Closings of new and existing homes saw a drop year-over-year in April after remaining steady in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $219,538, down from $225,385 a year earlier. This followed a 13.2% rise in March year-over-year.
The average mortgage size moved to $192,300, down from last year's $198,322. Average mortgage size on new homes went from $183,713 in March 2015 to $215,909 in March 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,992 square feet a year earlier to 1,040 square feet.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 17.1% of existing home closings, above 14.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.5% in April from 5.1% a year earlier while REO closings as a percentage of existing home closings climbed to 10.6% from 8.9%.