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Boise City, ID - Newest Figures for New Home Sales Suggest Climb Gaining Steam

Posted on: Feb 06, 2012 09:14:14 AM

In the Boise City, ID market, sales of new homes rose year-over-year in November, and there were hints of strengthening market conditions as the percentage gain was an greater than October 2011. Sales rose 37.8% from a year earlier to 113, relative to a 21.3% climb in October from the year earlier.

A total of 1,119 new homes were sold during the 12 months that ended in November, up from 1,088 for the year that ended in October.

As a percentage of overall housing sales, new home sales represented 8.9%. This is a rise from 6.2% of sales a year earlier. Sales of new and existing homes declined year-over-year in November after also falling in October year-over-year.

Pricing and Mortgage Trends

The average per-unit price of newly sold homes stayed the same year-over-year in November at $212,002. This comes after a 7.5% rise in October year-over-year.

Average mortgage size on new homes increased year-over-year in contrast to new home prices. The average mortgage size saw a 4.1% rise year-over-year to $183,499 in November. In October 2011, average mortgage size grew 13.1% from a year earlier. The overall percentage of sale price that was being financed rose 3.5 percentage points year-over-year to 86.6% in November 2011. This was another rise after October 2011 when there was a 4.3 percentage point rise from a year earlier.

Other Market Trends

As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales increased from 96.3% of new sales in November 2010 to 99.1% of sales in November 2011. Meanwhile, attached units as a percentage of all new home sales fell to 0.9% of sales from 3.7% of sales.

The average unit size of newly sold homes dipped 6.1% year-over-year to 2,021 square feet in November 2011. The average size of newly sold homes moved from 2,229 square feet in October 2010 to 1,774 square feet in October 2011.

Foreclosures and real estate owned (REO) sales fell in November from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO sales accounted for 49.2% of existing home sales, below 65.3% a year earlier. The percentage of existing home sales involving foreclosures slipped to 26.0% in November from 29.0% a year earlier while REO sales as a percentage of existing home sales sank to 23.2% from 36.3% a year earlier.

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