Closings of new homes in the Coeur d'Alene, ID market fell year-over-year in November, shifting downward off a hike in October 2015. There was a 2.5% decline in new home closings from a year earlier. This came after a 9.8% jump year-over-year in October.
A total of 558 new homes were sold during the 12 months that ended in November, down from 559 for the year that ended in October.
Out of all housing closings, new home closings made up 11.0%. This is a drop 13.7% of closings a year earlier. For new and existing homes, closings climbed year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 26.1% hike year-over-year in November to $275,713 per unit. This boost is an improvement over the 8.8% surge in October year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 27.8% boost year-over-year to $236,120 in November. In October 2015, average mortgage size increased 14.4% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015. Single-family home closings have accounted for 97.4% of new home closings while attached unit closings have made up 2.6% of closings.
There was a 48.3% surge year-over-year in the average unit size of newly sold homes to 2,605 square feet in November 2015. The average size of newly sold homes moved from 1,794 square feet in October 2014 to 2,137 square feet in October 2015. An increase was also seen in October 2015 when the average size of new homes sold climbed 19.1% to 2,137 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 13.0% of existing home closings, down from 18.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.3% in November from 8.3% a year earlier while REO closings as a percentage of existing home closings declined to 6.6% from 9.9% a year earlier.