In the Coeur d'Alene, ID market in July, new home closings sank year-over-year, and the percentage fall, which was steeper than June 2016, gave suggestions that the market may be worsening. New home closings saw a fall of 28.6% from the year earlier to 45. This came on the heels of a 3.9% decline year-over-year in June.
A total of 553 new homes were sold during the 12 months that ended in July, down from 571 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 7.9%. This is a decline 10.0% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes declined year-over-year in July.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 7.2% hike year-over-year in July to $280,144 per unit. This bump is smaller than the 18.9% surge in June year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It rose 5.1% in July from a year earlier to $242,768. In June 2016, average mortgage size increased 16.2% 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 98.4% of new home closings to 97.8% of closings while attached units have gone from 1.6% of closings to 2.2% of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 7.4% of existing home closings, down from 10.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.0% in July from 5.3% a year earlier while REO closings as a percentage of existing home closings sank to 3.4% from 5.3% a year earlier.