In the Coeur d'Alene, ID market, closings of new homes grew year-over-year in September, but the percentage bump was less than August 2015, suggesting the market may be leveling. Closings climbed 67.4% from a year earlier to 72. This came after a 97.1% climb year-over-year in August.
A total of 554 new homes were sold during the 12 months that ended in September, up from 525 for the year that ended in August.
New home closings made up 12.0% of overall housing closings. This is better than the 10.7% of closings a year earlier. Closings of new and existing homes increased year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 6.6% in September to $259,934 per unit. This boost is smaller than the 26.1% bump in August year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In September 2015, the average mortgage size on newly sold homes saw a 9.6% gain from a year earlier. In August 2015, average mortgage size climbed 31.5% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 97.7% of new home closings to 98.6% of closings while attached units have gone from 2.3% of closings to 1.4% of closings.
The average unit size of newly sold homes jumped 9.1% year-over-year to 2,160 square feet in September 2015. The average size of newly sold homes moved from 1,940 square feet in August 2014 to 2,848 square feet in August 2015. An increase in both the average size and price of newly sold homes was also seen in August 2015 when the average size gained 46.8% to 2,848 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 10.2% of existing home closings, below 17.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.2% in September from 5.6% a year earlier while REO closings as a percentage of existing home closings declined to 6.1% from 11.5% a year earlier.