In the Coeur d'Alene, ID market, new home closings slid year-over-year in December, and the percentage decline, which was steeper than November 2015, gave suggestions of weakening market conditions. Closings fell 17.1% from a year earlier to 34. This came after a 2.5% decline year-over-year in November.
A total of 552 new homes were sold during the 12 months that ended in December, down from 559 for the year that ended in November.
Out of all housing closings, new home closings made up 7.6%. This is down from the 12.0% of closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also climbed year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 13.6% rise year-over-year in December to $283,319 per unit. This surge is smaller than the 26.1% bump in November year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. It climbed to $240,496 in December, a 14.0% lift. In November 2015, average mortgage size on newly sold homes saw a 27.8% hike year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes jumped from 92.7% in December 2014 to all of closings in December 2015. At the same time, the share of new home closings belonging to attached units declined to no part of closings from 7.3% of closings.
There was a 8.6% lift year-over-year in the average unit size of newly sold homes to 2,112 square feet in December 2015. An increase was also seen in November 2015 when the average size of new homes sold gained 48.3% to 2,605 square feet. In November, the average size of new homes sold went from 1,757 square feet a year earlier to 2,605 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.0% of existing closings, lower than 18.3% a year earlier. The percentage of existing home closings involving foreclosures went from 7.3% in December 2014 to 7.0% in December 2015 and REO closings as a percentage of existing home closings fell to 8.0% from 11.0% a year earlier.