New Home Closings in Pocatello Climb, Prices Decrease According to Freshest Figures
Posted on: May 06, 2013 07:28:56 AM
The Pocatello, ID market saw an increase in closings of new homes in February year-over-year, and the increase was greater than January 2013. New home closings moved from one a year earlier to six after the figure moved from two in January 2012 to three in January 2013.
A total of 37 new homes were sold during the 12 months that ended in February, up from 32 for the year that ended in January.
New home closings were six of the 105 total closings, up on a percentage basis from one of 89 a year earlier. For new and existing homes, closings grew year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2013 was $220,909, down from last year's $253,737. This followed a move from $123,049 per unit to $123,833 from January 2012 to January 2013.
There was a decline in average mortgage size on new homes, going from $202,990 last year to $176,727 in February 2013. Average mortgage size on new homes went from $121,831 in January 2012 to $110,321 in January 2013. For new home closings, the percentage of the sale price that was being financed was relatively unchanged from February 2012 to February 2013 at 80.0%. In January, the figure saw a 9.9 percentage point decline from a year earlier.