New home closings in the Logan, UT market were unchanged year-over-year in May, staying flat after dropping year-over-year in April from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 4 in April 2015 to 1 in April 2016.
1 of the 224 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $186,200, down from last year's $221,172. This came after a 4.7% fall in April from a year earlier.
From the year-ago figure of $176,938, the average mortgage size on new homes moved up to $190,000. Average mortgage size on new homes went from $182,337 in April 2015 to $173,850 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 6.7% of existing home closings, down from 7.9% a year earlier. The percentage of existing home closings involving foreclosures went from 3.5% in May 2015 to 3.1% in May 2016 and REO closings moved from 4.4% of existing home closings in May 2015 to 3.6% in May 2016.