New Home Sales and Prices Decline in Boise City According to Recent Data
Posted on: Aug 08, 2014 11:10:42 AM
Closings of new homes in the Boise City, ID market dropped year-over-year in May, and there were signs the market may be worsening with a percentage decline steeper than that of April 2014. New home closings saw a 29.9% drop from a year earlier to 192. This came on the heels of a 17.8% decline year-over-year in April.
A total of 2,436 new homes were sold during the 12 months that ended in May, down from 2,518 for the year that ended in April.
As a percentage of overall housing closings, new home closings represented 11.4%. This is a drop 13.8% of closings a year earlier. For new and existing homes, closings fell in May after also declining in April year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in May was $248,616 per unit, down 4.9% from a year earlier. This drop compares to a 16.4% lift in April year-over-year.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. In May 2014, there was a 4.2% drop in the average mortgage size on new homes to $213,071. Average mortgage size grew 13.8% in April 2014 from a year earlier.