In April, there was an increase in closings of new homes in the Boise City, ID market year-over-year, but with an increase less steep than that of March 2016, the market seemed to be showing signs of evening out. New home closings saw a climb of 18.1% from the year earlier to 267. This followed a 33.2% jump year-over-year in March.
A total of 3,109 new homes were sold during the 12 months that ended in April, up from 3,068 for the year that ended in March.
Out of all housing closings, new home closings made up 14.1%. This is better than the 12.1% of closings a year earlier. For new and existing homes, closings increased year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 10.3% surge year-over-year to $278,888 per unit in April. This lift is an improvement over the 1.6% rise in March year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. Average mortgage size rose 10.0% to $239,017 in April from a year earlier. In March 2016, average mortgage size grew 3.2% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings jumped from 95.1% of new closings in April 2015 to 97.4% of closings in April 2016. At the same time, the share of new home closings belonging to attached units sank to 2.6% of closings from 4.9% of closings.
For all new homes sold, the average unit size climbed 3.7% year-over-year to 2,316 square feet in April 2016. An increase was also seen in March 2016 when the average size of new homes sold rose 3.4% to 2,329 square feet. The average size of newly sold homes moved from 2,253 square feet in March 2015 to 2,329 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 8.8% of existing home closings, below 11.2% a year earlier. The percentage of existing home closings involving foreclosures stayed at 3.6% of closings in April from a year earlier while REO closings as a percentage of existing home closings fell to 5.1% from 7.6% a year earlier.