In the Logan, UT market in July, new home closings slid year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 17 a year earlier to 2 after the figure moved from 28 in June 2015 to 12 in June 2016.
A total of 183 new homes were sold during the 12 months that ended in July, down from 198 for the year that ended in June.
New home closings were 2 out of the 260 total closings, down on a percentage basis from 17 of 290 a year earlier. Following a year-over-year rise in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $231,123, down from $272,206 a year earlier. This came after a 22.5% rise in June year-over-year.
Average mortgage size on new homes moved from $227,810 to $228,835. Average mortgage size on new homes went from $200,564 in June 2015 to $238,621 in June 2016.
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.
The average unit size of newly sold homes rose from 1,806 square feet a year earlier to 2,141 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 made up 1.9% of existing home closings, below 8.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.6% in July from 2.9% a year earlier while REO closings as a percentage of existing home closings sank to 0.4% from 5.1% a year earlier.