New home closings fell year-over-year in September in the Logan, UT market, and the decline was by a larger percentage than the August 2015. New home closings moved from 11 a year earlier to none after the figure moved from 13 in August 2014 to 1 in August 2015.
New home closings were none out of the 220 total closings, down on a percentage basis from 11 of 214 a year earlier. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 9.1% of existing home closings, down from 16.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.2% in September from 9.4% a year earlier and REO closings moved from 6.9% of existing home closings in September 2014 to 5.9% in September 2015.