In June, there was a fall year-over-year in new home closings in the Coeur d'Alene, ID market, shifting downward off a lift in May 2016. New home closings saw a decline of 3.9% from the year earlier to 49. This followed a 41.9% hike 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 represented 7.0% of overall housing closings. This is down from the a year earlier when new home closings made up 8.1% of total closings. 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, there was a 18.9% lift year-over-year in the average price of newly sold homes, reaching $294,927 per unit. This boost is higher than the 6.0% lift in May year-over-year.
There was a bump year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size gained 16.2% to $252,754 in June from a year earlier. Average mortgage size gained 2.5% in May 2016 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 declined to no part of closings from 3.9% of closings.
There was a 9.2% bump year-over-year in the average unit size of newly sold homes to 2,396 square feet in June 2016. An increase in both the average size and price of newly sold homes was also seen in May 2016 when the average size grew 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 fall from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 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.