There was an increase in closings of new homes in the Boise City, ID market in August year-over-year, and the percentage bump was an improvement from July 2015, suggesting the market may be gaining momentum. Closings increased 17.3% from a year earlier to 251. In comparison, new home closings in the same month last year saw a 6.7% climb year-over-year in July.
A total of 2,596 new homes were sold during the 12 months that ended in August, up from 2,559 for the year that ended in July.
Closings of new homes represented 13.6% of total closings, consistent with last year's figures. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
In August, there was no change year-over-year in the average price of new homes as it remained at $256,483 per unit. This comes after a 5.3% fall in July from a year earlier.
In August 2015, average mortgage size on newly sold homes moved from $223,959 to $223,134 from August 2014. In July 2015, average mortgage size on newly sold homes saw a 2.3% drop from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 91.6% of new closings in August 2014 to 98.4% of closings in August 2015. At the same time, the share of new home closings belonging to attached units fell to 1.6% of closings from 8.4% of closings.
The average unit size of newly sold homes remained steady year-over-year at 2,202 square feet in August 2015. The average size of newly sold homes moved from 2,322 square feet in July 2014 to 2,208 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 9.0% of existing closings, lower than 15.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.8% in August from 5.9% a year earlier while REO closings as a percentage of existing home closings declined to 5.2% from 9.3% a year earlier.