The Logan, UT market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 15 a year earlier to none after the figure moved from 10 in June 2014 to 2 in June 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 7.2% a year earlier. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Other Market Trends
There were no new home closings in July 2015, but average size of newly sold homes was 1,681 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 8.2% of existing home closings, below 16.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.0% in July from 9.9% a year earlier while REO closings as a percentage of existing home closings sank to 5.2% from 6.8% a year earlier.