Latest Numbers Show Prices of New Homes Gain in Boise City, Sales Fall
Posted on: Jul 06, 2014 07:04:14 AM
New home closings in the Boise City, ID market declined year-over-year in April, and there were hints of weakening market conditions with a percentage drop steeper than that of March 2014. New home closings saw a drop of 20.5% from the year earlier to 182. This came after a 7.9% fall year-over-year in March.
A total of 2,566 new homes were sold during the 12 months that ended in April, down from 2,613 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 11.5% of overall housing closings. As a part of the whole, new home closings were 12.1% a year earlier. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 18.4% in April to $271,087 per unit. This surge is better than the 6.1% bump in March year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. In April 2014, the average mortgage size on newly sold homes saw a 15.5% lift from a year earlier. Average mortgage size increased 8.5% in March 2014 from a year earlier.