In the Ogden, UT market, new home closings climbed year-over-year in August, rising after a fall in July 2015. New home closings saw a jump of 14.4% from the year earlier to 143. In comparison, new home closings in the same month last year saw a 14.0% fall year-over-year in July.
A total of 1,467 new homes were sold during the 12 months that ended in August, up from 1,449 for the year that ended in July.
Closings of new homes accounted for 11.0% of total closings, consistent with last year's figures. Closings of new and existing homes grew year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price declined 7.5% year-over-year in August to $314,456 per unit. This drop is larger than the 2.0% decline in July from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In August 2015, average mortgage size slid 14.4% from a year earlier to $277,116. In July 2015, average mortgage size climbed 2.0% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have dipped. The share of new home closings belonging to attached units gained from 15.2% of closings in August 2014 to 18.9% of closings in August 2015. At the same time, the share belonging to single-family homes fell to 81.1% of closings from 84.8% of closings.
The average unit size of newly sold homes declined 11.6% year-over-year to 2,089 square feet in August 2015. A drop was also seen in July 2015 when the average size of new homes sold dropped 2.4% to 2,191 square feet. The average size of newly sold homes moved from 2,245 square feet in July 2014 to 2,191 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 9.8% of existing closings, lower than 16.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.0% in August from 8.0% a year earlier while REO closings as a percentage of existing home closings dropped to 5.9% from 8.0% a year earlier.