Idaho Falls, ID - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:17:41 AM
Sales of new homes grew year-over-year in February in the Idaho Falls, ID market, rebounding from a year-over-year decline in January 2012. New home sales moved from seven a year earlier to nine after the figure moved from 13 in January 2011 to 10 in January 2012.
A total of 168 new homes were sold during the 12 months that ended in February, up from 166 for the year that ended in January.
New home sales were nine out of the 167 total sales, a move on a percentage basis from seven of 153 a year earlier. Following a fall in January year-over-year, sales of new and existing homes increased year-over-year in February.
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Pricing and Mortgage Trends
The average price for newly sold homes moved north to $182,617 from $178,262 a year ago. This came after a 9.1% rise in January year-over-year.
Average mortgage size on new homes fell from $165,416 to $148,582. Average mortgage size on new homes went from $160,422 in January 2011 to $165,816 in January 2012. For new home sales, the percentage of the sale price that was being financed slid 11.4 percentage points year-over-year to 81.4% in February 2012.
Idaho Falls, ID - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:17:41 AM
Sales of new homes grew year-over-year in February in the Idaho Falls, ID market, rebounding from a year-over-year decline in January 2012. New home sales moved from seven a year earlier to nine after the figure moved from 13 in January 2011 to 10 in January 2012.
A total of 168 new homes were sold during the 12 months that ended in February, up from 166 for the year that ended in January.
New home sales were nine out of the 167 total sales, a move on a percentage basis from seven of 153 a year earlier. Following a fall in January year-over-year, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $182,617 from $178,262 a year ago. This came after a 9.1% rise in January year-over-year.
Average mortgage size on new homes fell from $165,416 to $148,582. Average mortgage size on new homes went from $160,422 in January 2011 to $165,816 in January 2012. For new home sales, the percentage of the sale price that was being financed slid 11.4 percentage points year-over-year to 81.4% in February 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 34.2% of sales. They accounted for 40.4% in February 2011. The percentage of existing home sales involving foreclosures fell to 14.6% in February from 21.2% a year earlier and REO sales moved from 19.2% of existing home sales in February 2011 to 19.6% in February 2012.
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Source: Housing Intelligence