Closings of new homes in the Lewiston, ID market remained unchanged year-over-year in July, staying level after a year-over-year increase in June from a year earlier. Closings remained level at 2 from a year earlier after the figure moved from 1 in June 2014 to 2 in June 2015.

Out of the 133 total closings, 2 were new home closings. This is consistent on a percentage basis with a year earlier. After rising year-over-year in June, closings of new and existing homes declined year-over-year in July.

Pricing and Mortgage Trends

The average new home price was $224,000, up from $177,500 a year earlier. This followed a 42.4% gain in June year-over-year.

Average mortgage size on new homes rose from $142,000 to $200,000. Average mortgage size on new homes went from $205,110 in June 2014 to $292,000 in June 2015.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 3.1% of existing home closings, below 4.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.5% in July from 2.9% a year earlier while REO closings as a percentage of existing home closings stayed level at 1.5%.

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