Latest Figures Show New Home Sales and Prices Climb in Boise City
Posted on: May 06, 2013 07:04:16 AM
In February, closings of new homes in the Boise City, ID market grew year-over-year, and the percentage rise, which was better than January 2013, suggested the market may be improving. New home closings saw a boost of 44.7% from the year earlier to 149. This came after a 21.2% jump year-over-year in January.
A total of 1,995 new homes were sold during the 12 months that ended in February, up from 1,949 for the year that ended in January.
Of 1,264 total closings, 149 were of new homes. This is an increase on a percentage basis, as new home closings were 8.8% of total closings a year ago. After dropping in January from a year earlier, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes rose year-over-year to $222,119 in February, up 3.3% from last year. This rise is smaller than the 5.2% rise in January year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. It rose 4.5% in February from a year earlier to $194,138. Average mortgage size increased 5.6% in January 2013 from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 87.4% from a year earlier figure of 86.4%. It went from 87.0% in January 2012 to 87.3% in January 2013.