There was a rise in new home closings in the Ogden, UT market in September year-over-year, but there were hints the market may be evening out with a percentage gain shallower than August 2015. Closings gained 3.1% from a year earlier to 132. This was after the housing market saw a 15.2% hike 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 accounted for 9.0% of overall housing closings. This is down from the 11.2% of closings a year earlier. For new and existing homes, closings climbed year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes sank 7.4% year-over-year in September to $316,192 per unit. This fall is a drop off from the 7.7% decline in August from a year earlier.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. Average mortgage size sank 10.9% to $274,016 in September from a year earlier. Average mortgage size dropped 14.6% in August 2015 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of 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 jumped 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 appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 9.4% of closings, below 15.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.6% in September from 8.6% a year earlier while REO closings as a percentage of existing home closings slid to 4.8% from 7.3% a year earlier.