New Home Sales and Prices Gain in Idaho Falls - July 2014
Posted on: Jul 08, 2014 07:01:07 AM
In April, there was an increase in closings of new homes in the Idaho Falls, ID market year-over-year, picking up from a drop in March 2014. New home closings saw a 20.0% rise from a year earlier to 18. This was after the housing market saw a 10.5% fall year-over-year in March.
A total of 232 new homes were sold during the 12 months that ended in April, up from 229 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 7.2% of overall housing closings. A year ago, new home closings accounted for 6.7%. After dropping in March from a year earlier, closings of new and existing homes jumped year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes grew 36.0% year-over-year to $238,592 per unit. This gain compares to a 2.2% drop in March from a year earlier.
There was a bump year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size jumped 27.2% to $186,293 in April from a year earlier. Average mortgage size sank 3.8% in March 2014 from a year earlier.