In the Boise City, ID market in June, new home closings grew year-over-year, and there were signs of strengthening market conditions as the percentage bump was an greater than May 2016. There was a 17.5% boost in new home closings from a year earlier. This was after the housing market saw a 11.4% climb year-over-year in May.
A total of 3,198 new homes were sold during the 12 months that ended in June, up from 3,148 for the year that ended in May.
Out of all housing closings, new home closings represented 14.2%. They made up 13.2% of closings a year earlier. Closings of new and existing homes grew year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes increased year-over-year 1.0% in June to $279,107 per unit. This gain is smaller than the 7.9% boost in May year-over-year.
In June 2016, average mortgage size on new homes went from $240,266 in June 2015 to $239,677 in June 2016. In May 2016, average mortgage size gained 8.0% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 98.9% of new home closings to 98.2% of closings while attached units have gone from 1.1% of closings to 1.8% of closings.
For all new homes sold, the average unit size increased 1.2% year-over-year to 2,292 square feet in June 2016. In May, the average size of new homes sold went from 2,258 square feet a year earlier to 2,323 square feet. An increase was also seen in May 2016 when the average size of new homes sold grew 2.9% to 2,323 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 6.4% of existing home closings, down from 8.7% a year earlier. The percentage of existing home closings involving foreclosures went from 3.3% in June 2015 to 2.3% in June 2016 and REO closings as a percentage of existing home closings declined to 4.1% from 5.4% a year earlier.