In the Ogden, UT market in July, new home closings declined year-over-year, a drop following an increase in June 2015. New home closings saw a drop of 15.9% from the year earlier to 138. This came after a 8.8% boost year-over-year in June.
A total of 1,425 new homes were sold during the 12 months that ended in July, down from 1,451 for the year that ended in June.
Out of all housing closings, new home closings accounted for 9.6%. This is down from the 12.8% of closings a year earlier. Closings of new and existing homes increased year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 1.8% fall year-over-year in July to $322,611 per unit. This decline is a drop off from the 7.6% drop in June from a year earlier.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It increased to $301,307 in July, a 2.5% lift. Average mortgage size went from $316,850 in June 2014 to $316,234 in June 2015.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes jumped from 79.3% in July 2014 to 87.7% of closings in July 2015. Meanwhile, attached units as a percentage of all new home closings sank to 12.3% of closings from 20.7% of closings.
For all new homes sold, the average unit size dropped 2.4% year-over-year to 2,191 square feet in July 2015. In June, the average size of new homes sold went from 2,303 square feet a year earlier to 2,354 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 9.5% of existing home closings, below 13.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.4% in July from 8.0% a year earlier and REO closings moved from 5.7% of existing home closings in July 2014 to 5.1% in July 2015.