Closings of new homes in the Idaho Falls, ID market sank year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 32 a year earlier to 9 after the figure moved from 27 in April 2015 to 8 in April 2016.
A total of 112 new homes were sold during the 12 months that ended in May, down from 135 for the year that ended in April.
New home closings represented 9 out of the 346 total closings, which is a smaller percentage than the 32 of 326 total closings a year earlier. Closings of new and existing homes climbed year-over-year in May following a decline in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $209,442, down from $229,979 a year earlier. This came after a 2.6% drop in April from a year earlier.
The average mortgage size moved to $173,474, down from last year's $200,397. Average mortgage size on new homes went from $198,322 in April 2015 to $192,300 in April 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,116 square feet a year earlier to 1,696 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 10.7% of existing home closings, below 16.3% a year earlier. The percentage of existing home closings involving foreclosures went from 6.1% in May 2015 to 5.6% in May 2016 and REO closings as a percentage of existing home closings sank to 5.0% from 10.2% a year earlier.