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Boise City, ID Local News

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.

 
 
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