New home closings in the Idaho Falls, ID market fell year-over-year in April, 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.
New home closings were 8 out of the 301 total closings, down on a percentage basis from 27 of 341 a year earlier. After remaining steady in March from a year earlier, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $219,538, down from last year's $225,385. This followed a 13.2% lift in March year-over-year.
There was a decline in average mortgage size on new homes, going from $198,322 last year to $192,300 in April 2016. 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. Foreclosures and REO closings, taken together, represented 17.1% of existing home closings, higher than 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%.