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.
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.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from all of new home closings to 99.3% of closings while attached units have gone from no part of closings to 0.7% of closings.
There was a 3.3% rise year-over-year in the average unit size of newly sold homes to 2,163 square feet in February 2013. In January, the average size of new homes sold went from 2,169 square feet a year earlier to 1,994 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 30.1% of existing home closings, down from 41.0% a year earlier. The percentage of existing home closings involving foreclosures went from 13.4% in February 2012 to 12.6% in February 2013 and REO closings as a percentage of existing home closings slid to 17.6% from 27.7% a year earlier.
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Source: Housing Intelligence