In September, there was a decline year-over-year in new home closings 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 represented none out of the 220 total closings, which is a smaller percentage than the 11 of 214 total closings 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 fall from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 9.1% of existing home closings, below 16.3% a year earlier. The percentage of existing home closings involving foreclosures declined 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.