Closings of new homes dropped year-over-year in June in the Logan, UT market, and the decline was by a larger percentage than the May 2016. New home closings moved from 28 a year earlier to 12 after the figure moved from 14 in May 2015 to 10 in May 2016.
A total of 198 new homes were sold during the 12 months that ended in June, down from 214 for the year that ended in May.
Last year, 28 of 299 total closings were new homes, and this percentage saw a decline as new home closings this year made up 12 of the 312 total closings. Closings of new and existing homes grew year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average new home value went from $234,853 last year to $287,776. This came after a 18.9% decline in May from a year earlier.
The average mortgage size on new homes was $238,621, up from $200,564. Average mortgage size on new homes went from $207,783 in May 2015 to $169,705 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,669 square feet a year earlier to 1,792 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 3.3% of existing home closings, down from 7.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 1.3% in June from 3.0% a year earlier while REO closings as a percentage of existing home closings fell to 2.0% from 4.8% a year earlier.