New home sales in the Boise City, ID market rose year-over-year in September, but the market seemed to be hinting at at stabilizing with a percentage surge less pronounced than August 2011. Sales rose 26.2% from a year earlier to 101, compared with a 33.0% rise in August from the year earlier.

In the 12 months ending September 2011, there were 1,065 new home sales, up from an annualized 1,044 in August.

As a percentage of overall housing sales, new home sales made up 5.8% of overall housing sales. New home sales were 4.9% of overall sales last year. Sales of new existing homes increased year-over-year in September following a decline in August year-over-year.

The average price of newly sold homes fell 5.0% year-over-year in September to $209,839 per unit. This is a swing down from the 15.0% boost in August year-over-year.

Average mortgage size on new homes declined year-over-year along with new home prices. In September 2011, there was a 5.7% decline in the average mortgage size on new homes to $173,392. Average mortgage size increased 14.0% in August 2011 from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 83.3% of average price to 82.6% from a year earlier. It went from 87.4% in August 2010 to 86.6% in August 2011.

There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home sales have moved from 98.8% of new home sales to 99.0% of sales while attached units have gone from 1.2% of sales to 1.0% of sales.

The average unit size of newly sold homes dipped 9.8% year-over-year to 2,080 square feet in September 2011. The average size of newly sold homes moved from 2,201 square feet in August 2010 to 2,225 square feet in August 2011.

Foreclosures and real estate owned (REO) sales declined in September from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO sales accounted for 44.1% of existing home sales, below 65.7% of sales a year earlier. From a year earlier, foreclosures slid to 15.0% of existing home sales in September after a figure of 34.2% of sales in September 2010 while REO sales as a percentage of existing home sales slipped to 29.1% of sales from 31.5% of sales a year earlier.

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