Boise City, ID - Newest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 06, 2012 09:16:00 AM
Sales of new homes in the Boise City, ID market increased year-over-year in February, and the percentage rise was higher than January 2012, implying the market may be improving. New home sales saw a 70.9% boost from a year earlier to 94 after sales increased 38.3% in January from the year earlier.
A total of 1,209 new homes were sold during the 12 months that ended in February, up from 1,170 for the year that ended in January.
Out of all housing sales, new home sales represented 7.9%. This is an increase on a percentage basis, as new home sales were 3.5% of total sales a year ago. Sales of new and existing homes sank year-over-year in February after also falling in January year-over-year.
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Pricing and Mortgage Trends
Average price of newly sold homes saw a 4.7% rise year-over-year in February to $211,761 per unit. This rise is higher than the 3.1% rise in January year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In February 2012, the average mortgage size on newly sold homes saw a 2.6% rise from a year earlier. Average mortgage size went from $184,524 in January 2011 to $185,107 in January 2012. Of the overall sale price, the percentage that was being financed slipped 1.8 percentage points year-over-year to 86.5% in February 2012.
Boise City, ID - Newest Figures for New Home Sales Suggest Climb Gaining Steam
Posted on: May 06, 2012 09:16:00 AM
Sales of new homes in the Boise City, ID market increased year-over-year in February, and the percentage rise was higher than January 2012, implying the market may be improving. New home sales saw a 70.9% boost from a year earlier to 94 after sales increased 38.3% in January from the year earlier.
A total of 1,209 new homes were sold during the 12 months that ended in February, up from 1,170 for the year that ended in January.
Out of all housing sales, new home sales represented 7.9%. This is an increase on a percentage basis, as new home sales were 3.5% of total sales a year ago. Sales of new and existing homes sank year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 4.7% rise year-over-year in February to $211,761 per unit. This rise is higher than the 3.1% rise in January year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In February 2012, the average mortgage size on newly sold homes saw a 2.6% rise from a year earlier. Average mortgage size went from $184,524 in January 2011 to $185,107 in January 2012. Of the overall sale price, the percentage that was being financed slipped 1.8 percentage points year-over-year to 86.5% in February 2012.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. Single-family home sales grew from 96.4% of new sales in February 2011 to all of sales in February 2012. Conversely, the share of new home sales belonging to attached units fell to no part of sales from 3.6% of sales.
The average unit size of newly sold homes dropped 22.9% year-over-year to 1,723 square feet in February 2012. This decline was opposite the price rise, a pattern also seen in January 2012 when the average size of newly sold homes declined 9.1% to 2,124 square feet.
Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO sales accounted for 41.9% of existing home sales, below 61.4% a year earlier. The percentage of existing home sales involving foreclosures sank to 13.0% in February from 29.5% a year earlier while REO sales as a percentage of existing home sales dipped to 28.8% from 31.9% a year earlier.
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Source: Housing Intelligence