The Logan, UT market saw a drop in new home closings year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 13 a year earlier to 1 after the figure moved from 15 in July 2014 to none in July 2015.
New home closings were 1 out of the 237 total closings, down on a percentage basis from 13 of 212 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also jumped year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $269,743, up from $201,404 a year earlier. This was on the heels of a.
Average mortgage size on new homes increased to $267,073 from $168,590 last year.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 9.7% of existing home closings, higher than 9.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.2% in August from 7.0% a year earlier while REO closings as a percentage of existing home closings rose to 5.5% from 2.5%.