Closings of new homes rose year-over-year in August in the Coeur d'Alene, ID market, and the percentage rise was better than July 2015, suggesting the market may be strengthening. There was a twofold hike in new home closings from a year earlier. This followed a 70.3% climb year-over-year in July.
A total of 513 new homes were sold during the 12 months that ended in August, up from 478 for the year that ended in July.
Out of all housing closings, new home closings made up 11.4%. This is a lift from 7.8% of closings a year earlier. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $332,104 in August, up 27.1% from last year. This gain is an improvement over the 13.0% bump in July year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In August 2015, there was a 32.3% rise in the average mortgage size, reaching $289,363. In July 2015, average mortgage size gained 13.8% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units grew from no part of closings in August 2014 to 1.4% of closings in August 2015. At the same time, the share belonging to single-family homes slid to 98.6% of closings from all of closings.
The average unit size of newly sold homes rose 53.2% year-over-year to 2,972 square feet in August 2015. An increase was also seen in July 2015 when the average size of new homes sold jumped 13.7% to 2,151 square feet. The average size of newly sold homes moved from 1,892 square feet in July 2014 to 2,151 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 8.4% of existing home closings, down from 16.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.8% in August from 7.7% a year earlier while REO closings as a percentage of existing home closings fell to 4.6% from 8.9% a year earlier.