Closings of new homes in the Boise City, ID market jumped year-over-year in November, and the percentage lift was sharper than October 2015, hinting that the market may be strengthening. New home closings saw a 60.5% boost from a year earlier to 268. This came on the heels of a 14.1% rise year-over-year in October.
A total of 2,853 new homes were sold during the 12 months that ended in November, up from 2,752 for the year that ended in October.
New home closings made up 19.1% of overall housing closings. This is an increase on a percentage basis, as new home closings were 13.8% of total closings a year ago. Following a year-over-year increase in October, closings of new and existing homes also increased year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes went from $260,056 in November 2014 to $262,059 in November 2015. This followed a 14.3% hike in October year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size jumped 4.6% to $230,485 in November from a year earlier. In October 2015, average mortgage size rose 17.2% 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 climbed from 93.4% of new closings in November 2014 to 97.8% of closings in November 2015. At the same time, the share of new home closings belonging to attached units fell to 2.2% of closings from 6.6% of closings.
The average unit size of newly sold homes went from 2,207 square feet in November 2014 to 2,215 square feet in November 2015. In October 2015, the average size of newly sold homes declined 4.6% from the year earlier. The average size of newly sold homes moved from 2,352 square feet in October 2014 to 2,243 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 8.6% of closings, below 16.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.1% in November from 6.7% a year earlier while REO closings as a percentage of existing home closings declined to 4.5% from 9.3% a year earlier.
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