Recent Numbers For Boise City Show New Home Closings and Prices Rise
Posted on: Nov 12, 2013 07:05:27 AM
In August, closings of new homes grew year-over-year in the Boise City, ID market, but the market seemed to be signaling at leveling out with a percentage gain less pronounced than July 2013. New home closings saw a 13.6% jump from a year earlier to 250. This came after a 19.5% climb year-over-year in July.
A total of 2,278 new homes were sold during the 12 months that ended in August, up from 2,248 for the year that ended in July.
Of 1,826 total closings, 250 were of new homes. This is an increase on a percentage basis, as new home closings were 12.5% of total closings a year ago. For new and existing homes, closings rose year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes gained year-over-year 11.2% in August to $247,853 per unit. This bump is smaller than the 20.4% lift in July year-over-year.
The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. Average mortgage size climbed 14.5% to $216,096 in August from a year earlier. In July 2013, average mortgage size rose 19.1% from a year earlier.