In the Boise City, ID market in October, sales of new homes increased year-over-year, but the percentage surge, which was less than September 2011, seemed to suggest market leveling. Sales gained 21.3% from a year earlier to 108, relative to a 27.5% jump in September from the year earlier.

A total of 1,087 new homes were sold during the 12 months that ended in October, up from 1,068 for the year that ended in September.

Out of all housing sales, new home sales made up 7.4%. This is an increase on a percentage basis, as new home sales were 4.7% of total sales a year ago. Following a year-over-year increase in September, sales of new and existing homes fell year-over-year in October.

In October, the average price of newly sold homes increased 7.5% year-over-year to $231,388 per unit. This is a swing up from a 4.4% decline in September from a year earlier.

Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 13.1% gain year-over-year to $200,445 in October. In September 2011, average mortgage size on newly sold homes saw a 5.0% decline from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 4.3 percentage point rise. It went from 83.3% in September 2010 to 82.8% in September 2011.

As a percentage of new home sales, attached unit sales have risen from last year while single-family home sales have dropped. Attached unit sales rose from 4.5% of all sales in October 2010 to 5.6% of sales in October 2011. At the same time, the share belonging to single-family homes dropped to 94.4% of sales from 95.5% of sales.

For all new homes sold, the average unit size sank 20.7% year-over-year to 1,779 square feet in October 2011. This decline was opposite the price rise, a pattern also seen in September 2011 when the average size of newly sold homes declined 9.8% to 2,080 square feet.

Foreclosures and real estate owned (REO) sales fell in October from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, represented 55.4% of existing sales, lower than 73.2% a year earlier. The percentage of existing home sales involving foreclosures fell to 22.1% in October from 44.5% a year earlier while REO sales as a percentage of existing home sales rose to 33.3% from 28.7%.

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