Prices of New Homes Gain in Pocatello, Sales Drop According to Recent Data
Posted on: Feb 12, 2014 07:17:53 AM
The Pocatello, ID market saw a drop in new home closings year-over-year in November, falling after remaining level in October from the year earlier. Closings stood at 2 in November after being 4 a year earlier and remaining unchanged at 2 in October from a year earlier.
A total of 52 new homes were sold during the 12 months that ended in November, down from 54 for the year that ended in October.
Last year, 4 of 93 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 128 total closings. After dropping in October from a year earlier, closings of new and existing homes increased year-over-year in November.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $433,100 from $187,037 a year ago. This followed a 63.4% surge in October year-over-year.
Average mortgage size on new homes increased to $346,480 from $164,293 last year. Average mortgage size on new homes went from $162,789 in October 2012 to $266,000 in October 2013.