The Idaho Falls, ID market saw a drop in new home closings year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 32 a year earlier to 9 after the figure moved from 27 in April 2015 to 8 in April 2016.
A total of 112 new homes were sold during the 12 months that ended in May, down from 135 for the year that ended in April.
New home closings were 9 out of the 346 total closings, down on a percentage basis from 32 of 326 a year earlier. After dropping in April from a year earlier, closings of new and existing homes jumped year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $209,442, compared with $229,979 last year. This was on the heels of a 2.6% fall in April from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $200,397 to $173,474. Average mortgage size on new homes went from $198,322 in April 2015 to $192,300 in April 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,116 square feet a year earlier to 1,696 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 10.7% of existing closings, lower than 16.3% a year earlier. The percentage of existing home closings involving foreclosures went from 6.1% in May 2015 to 5.6% in May 2016 and REO closings as a percentage of existing home closings declined to 5.0% from 10.2% a year earlier.