In September, there was a fall year-over-year in new home closings in the Idaho Falls, ID market, and the decline was by a larger percentage than the August 2015. New home closings moved from 25 a year earlier to 2 after the figure moved from 22 in August 2014 to 3 in August 2015.
A total of 121 new homes were sold during the 12 months that ended in September, down from 144 for the year that ended in August.
New home closings were 8.8% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 2 of the 301 total closings. For new and existing homes, closings gained year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $265,750 from last year's $230,912. This was on the heels of a move from $219,075 per unit in August 2014 to $217,736 in August 2015.
Average mortgage size on new homes rose from $197,669 to $212,600. Average mortgage size on new homes went from $175,593 in August 2014 to $215,581 in August 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 September 2015.
The average unit size of newly sold homes fell from 1,850 square feet a year earlier to 1,040 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 11.7% of closings, below 20.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.7% in September from 9.3% a year earlier while REO closings as a percentage of existing home closings sank to 8.0% from 11.2% a year earlier.