Closings of new homes sank year-over-year in January in the Logan, UT market, and the decline was by a larger percentage than the December 2015. New home closings moved from 6 a year earlier to 1 after the figure moved from 12 in December 2014 to 4 in December 2015.
On a percentage basis, new home closings as a part of total closings decreased to 0.7% from 3.8% a year earlier. Following a year-over-year rise in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $154,866, compared with $204,662 last year. This came after a.
There was a decline in average mortgage size on new homes, going from $183,901 last year to $123,893 in January 2016.
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 fell from 1,330 square feet a year earlier to 1,307 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 9.8% of existing home closings, down from 16.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.5% in January from 5.2% a year earlier while REO closings as a percentage of existing home closings dropped to 6.3% from 11.7% a year earlier.