The Lewiston, ID market saw a rise in new home closings in December year-over-year,. Closings stood at 2 in December after being 1 a year earlier and remaining unchanged at 2 in November from a year earlier.
New home closings were 2 of the 97 total closings, up on a percentage basis from 1 of 98 a year earlier. Following a year-over-year increase in November, closings of new and existing homes sank year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $227,900, down from $243,000 a year earlier. This was on the heels of a 25.5% drop in November from a year earlier.
From the year-ago figure of $143,000, the average mortgage size on new homes moved up to $205,100. Average mortgage size on new homes went from $197,445 in November 2014 to $227,560 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 3.2% of existing closings, lower than 7.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.1% in December from 5.2% a year earlier while REO closings as a percentage of existing home closings stayed level at 2.1%.