The Ogden, UT market saw an increase in closings of new homes in September year-over-year, but with a rise less sharp than August 2015, there were suggestions the market may be evening out. Closings rose 3.1% from a year earlier to 132. This came after a 15.2% boost year-over-year in August.
A total of 1,486 new homes were sold during the 12 months that ended in September, up from 1,482 for the year that ended in August.
New home closings made up 9.0% of overall housing closings. This is down from the 11.2% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also gained year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes fell by 7.4% year-over-year to $316,192 per unit in September. This fall is a drop off from the 7.7% decline in August from a year earlier.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. In September 2015, there was a 10.9% drop in the average mortgage size on new homes to $274,016. In August 2015, average mortgage size sank 14.6% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 83.6% of new home closings to 84.1% of closings while attached units have gone from 16.4% of closings to 15.9% of closings.
The average unit size of newly sold homes declined 17.6% year-over-year to 1,831 square feet in September 2015. A decrease in both the average size and price of newly sold homes was also seen in August 2015 when the average size climbed 11.6% to 2,089 square feet. The average size of newly sold homes moved from 2,364 square feet in August 2014 to 2,089 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 9.4% of existing home closings, below 15.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.6% in September from 8.6% a year earlier while REO closings as a percentage of existing home closings fell to 4.8% from 7.3% a year earlier.