New home closings climbed year-over-year in July in the Coeur d'Alene, ID market, and the market seemed to be signaling strengthening with a percentage lift more robust than June 2015. New home closings saw a 43.2% hike from a year earlier to 53. This came on the heels of a 18.6% jump year-over-year in June.
A total of 455 new homes were sold during the 12 months that ended in July, up from 439 for the year that ended in June.
New home closings accounted for 8.7% of overall housing closings. This is a gain from 7.5% of closings a year earlier. For new and existing homes, closings jumped year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $271,774 in July, up 17.4% from last year. This lift is an improvement over the 7.9% rise in June year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. Average mortgage size rose 18.1% to $239,645 in July from a year earlier. Average mortgage size increased 8.2% in June 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units rose from no part of closings in July 2014 to 1.9% of closings in July 2015. Conversely, the share belonging to single-family homes declined to 98.1% of closings from all of closings.
The average unit size of newly sold homes dropped 4.2% year-over-year to 1,827 square feet in July 2015. This drop was opposite the price hike, a pattern also seen in June 2015 when the average size of newly sold homes fell 2.2% to 2,107 square feet. The average size of newly sold homes moved from 2,155 square feet in June 2014 to 2,107 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 11.1% of existing closings, lower than 19.7% a year earlier. The percentage of existing home closings involving foreclosures went from 6.6% in July 2014 to 5.7% in July 2015 and REO closings as a percentage of existing home closings dropped to 5.4% from 13.1% a year earlier.