In November, there was a decline year-over-year in new home closings in the Idaho Falls, ID market, and the decline was by a larger percentage than the October 2015. New home closings moved from 25 a year earlier to 2 after the figure moved from 22 in October 2014 to 4 in October 2015.
A total of 217 new homes were sold during the 12 months that ended in November, down from 240 for the year that ended in October.
Last year, 25 of 210 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 204 total closings. Following a year-over-year rise in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
The average per-unit price of new homes was $127,695, compared with $236,679 last year. This came after a 26.6% hike in October year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $199,684 to $105,470. Average mortgage size on new homes went from $184,221 in October 2014 to $238,384 in October 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 November 2015.
The average unit size of newly sold homes fell from 1,995 square feet a year earlier to 1,012 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.8% of closings, below 24.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.9% in November from 12.4% a year earlier and REO closings moved from 12.4% of existing home closings in November 2014 to 11.9% in November 2015.