In the Lewiston, ID market in June, new home closings dropped year-over-year, falling after a rise in May 2016. New home closings moved from 3 a year earlier to 1 after the figure moved from none in May 2015 to 1 in May 2016.
New home closings represented 1 out of the 125 total closings, which is a smaller percentage than the 3 of 124 total closings a year earlier. After declining in May from a year earlier, closings of new and existing homes remained level in June.
Pricing and Mortgage Trends
The average new home price was $241,875, down from $365,000 a year earlier. This followed a shift to an average price of $281,125 in May 2016 after there were no closings in May 2015.
There was a decline in average mortgage size on new homes, going from $292,000 last year to $193,500 in June 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 5.6% of existing home closings, up from 3.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.0% in June from 0.8% a year earlier and REO closings moved from 2.5% of existing home closings in June 2015 to 1.6% in June 2016.