The Boise City, ID market saw an increase in closings of new homes in December year-over-year, but as the percentage rose less than November 2015, the market seemed to show signs of leveling. Closings gained 31.6% from a year earlier to 300. This came on the heels of a 56.9% jump year-over-year in November.
A total of 2,900 new homes were sold during the 12 months that ended in December, up from 2,828 for the year that ended in November.
New home closings made up 17.3% of overall housing closings. As a part of the whole, new home closings were 16.5% a year earlier. Following a year-over-year increase in November, closings of new and existing homes also gained year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes had a 5.5% lift year-over-year to $285,378 per unit in December. This gain is an improvement over the 4.6% lift in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In December 2015, the average mortgage size on newly sold homes saw a 4.6% boost from a year earlier. Average mortgage size rose 7.5% in November 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings climbed from 94.7% of new closings in December 2014 to 97.7% of closings in December 2015. At the same time, the share of new home closings belonging to attached units declined to 2.3% of closings from 5.3% of closings.
There was a 3.1% drop year-over-year in the average unit size of newly sold homes to 2,240 square feet in December 2015. In November, the average size of new homes sold went from 2,207 square feet a year earlier to 2,290 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 9.9% of existing home closings, down from 19.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.8% in December from 7.6% a year earlier while REO closings as a percentage of existing home closings fell to 5.1% from 11.6% a year earlier.