In the Boise City, ID market in February, new home closings rose year-over-year, but there were suggestions the market may be evening out with a percentage rise shallower than January 2016. There was a 11.0% jump in new home closings from a year earlier. This was after the housing market saw a 38.3% jump year-over-year in January.
A total of 2,985 new homes were sold during the 12 months that ended in February, up from 2,964 for the year that ended in January.
New home closings made up 16.0% of overall housing closings. They represented 15.2% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also gained year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 1.9% hike year-over-year in February to $270,592 per unit. This lift compares to a 9.2% fall in January from a year earlier.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. In February 2016, there was a 1.2% surge in the average mortgage size, reaching $230,337. In January 2016, average mortgage size on newly sold homes saw a 6.8% drop from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. The share of new home closings belonging to attached units rose from 1.6% of closings in February 2015 to 3.3% of closings in February 2016. At the same time, the share belonging to single-family homes fell to 96.7% of closings from 98.4% of closings.
The average unit size of newly sold homes went from 2,289 square feet in February 2015 to 2,308 square feet in February 2016. In January, the average size of new homes sold went from 2,350 square feet a year earlier to 2,317 square feet. In January 2016, the average size of newly sold homes fell 1.4% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 10.7% of existing home closings, down from 16.5% a year earlier. The percentage of existing home closings involving foreclosures went from 6.0% in February 2015 to 5.0% in February 2016 and REO closings as a percentage of existing home closings dropped to 5.7% from 10.5% a year earlier.