New home closings dropped year-over-year in July in the Idaho Falls, ID market, and the decline was by a larger percentage than the June 2016. New home closings moved from 33 a year earlier to 7 after the figure moved from 24 in June 2015 to 10 in June 2016.
A total of 72 new homes were sold during the 12 months that ended in July, down from 98 for the year that ended in June.
Last year, 33 of 331 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 300 total closings. Following a year-over-year increase in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $213,492, down from $241,031 a year earlier. This followed a 11.3% fall in June from a year earlier.
The average mortgage size moved to $176,815, down from last year's $203,701. Average mortgage size on new homes went from $209,683 in June 2015 to $181,481 in June 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
The average unit size of newly sold homes fell from 2,065 square feet a year earlier to 1,040 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 10.6% of existing home closings, below 11.7% a year earlier. The percentage of existing home closings involving foreclosures went from 5.4% in July 2015 to 4.8% in July 2016 and REO closings moved from 6.4% of existing home closings in July 2015 to 5.8% in July 2016.