New home closings sank year-over-year in March in the Logan, UT market, a decline following a rise in February 2016. New home closings moved from 4 a year earlier to 1 after the figure moved from 1 in February 2015 to 2 in February 2016.
New home closings were 1.8% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 1 of the 169 total closings. After rising year-over-year in February, closings of new and existing homes fell year-over-year in March.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 5.4% of closings, below 10.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.2% in March from 5.2% a year earlier and REO closings moved from 5.2% of existing home closings in March 2015 to 4.2% in March 2016.