In February, there was an increase in closings of new homes in the Logan, UT market year-over-year, rebounding from a year-over-year decline in January 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 6 in January 2015 to 1 in January 2016.
New home closings were 2 out of the 158 total closings, a move on a percentage basis from 1 of 143 a year earlier. After dropping in January from a year earlier, closings of new and existing homes gained year-over-year in February.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes rose from 1,419 square feet a year earlier to 1,559 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 7.1% of existing home closings, below 19.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.9% in February from 10.6% a year earlier while REO closings as a percentage of existing home closings sank to 5.1% from 8.5% a year earlier.