In June, there was a drop year-over-year in new home closings in the Coeur d'Alene, ID market, a drop following an increase in May 2016. Closings dropped 3.9% from a year earlier to 49. This followed a 41.9% rise year-over-year in May.
A total of 571 new homes were sold during the 12 months that ended in June, down from 573 for the year that ended in May.
New home closings made up 7.0% of overall housing closings. This is a decline 8.1% of closings a year earlier. For new and existing homes, closings jumped year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes grew year-over-year to $294,927 in June, up 18.9% from last year. This boost is better than the 6.0% hike in May year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It gained to $252,754 in June, a 16.2% lift. In May 2016, average mortgage size rose 2.5% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes gained from 96.1% in June 2015 to all of closings in June 2016. Meanwhile, attached units as a percentage of all new home closings declined to no part of closings from 3.9% of closings.
The average unit size of newly sold homes climbed 9.2% year-over-year to 2,396 square feet in June 2016. An increase was also seen in May 2016 when the average size of new homes sold climbed 1.2% to 1,966 square feet. The average size of newly sold homes moved from 1,942 square feet in May 2015 to 1,966 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 8.6% of existing home closings, below 10.2% a year earlier. The percentage of existing home closings involving foreclosures stayed at 2.9% of closings in June from a year earlier while REO closings as a percentage of existing home closings declined to 5.7% from 7.2% a year earlier.