New home closings in the Coeur d'Alene, ID market fell year-over-year in June, moving south after a hike in May 2016. New home closings saw a drop of 3.9% from the year earlier to 49. This came on the heels of a 41.9% jump 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.
As a percentage of overall housing closings, new home closings represented 7.0%. This is a decline 8.1% of closings a year earlier. Closings of new and existing homes increased year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
In June, the average value of new homes saw a 18.9% gain year-over-year as it grew to $294,927 per unit. This surge is higher than the 6.0% boost in May year-over-year.
The average mortgage size on newly sold homes saw a lift year-over-year along with new home prices. In June 2016, the average mortgage size was $252,754, a 16.2% hike from a year earlier. In May 2016, average mortgage size on newly sold homes saw a 2.5% rise year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 96.1% of new closings in June 2015 to all of closings in June 2016. At the same time, the share of new home closings belonging to attached units dropped to no part of closings from 3.9% of closings.
The average unit size of newly sold homes increased 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 gained 1.2% to 1,966 square feet. In May, the average size of new homes sold went from 1,942 square feet a year earlier to 1,966 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 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.