In the Logan, UT market, new home closings slid year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 6 a year earlier to 1 after the figure moved from 12 in October 2014 to none in October 2015.
Last year, 6 of 171 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 146 total closings. Following a year-over-year rise in October, closings of new and existing homes sank year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $166,308, down from $293,053 a year earlier. This was on the heels of a.
The average mortgage size moved to $164,662, down from last year's $247,285.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,603 square feet a year earlier to 1,630 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 6.9% of existing home closings, down from 13.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.1% in November from 3.0% a year earlier while REO closings as a percentage of existing home closings dropped to 2.8% from 10.3% a year earlier.