New home closings in the Ogden, UT market declined year-over-year in April, a downhill move after a lift in March 2016. There was a 58.6% drop in new home closings from a year earlier. This came after a 1.4% hike year-over-year in March.
A total of 1,450 new homes were sold during the 12 months that ended in April, down from 1,532 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 4.8%. This is down from the 10.6% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes had a 5.7% lift year-over-year to $333,262 per unit in April. This surge compares to a period of little change in March from a year earlier.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. In April 2016, the average mortgage size on newly sold homes saw a 8.8% decline from a year earlier. In March 2016, average mortgage size sank 8.6% from a year earlier.
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 share of new home closings belonging to attached units jumped from 17.9% of closings in April 2015 to 22.4% of closings in April 2016. Conversely, the share belonging to single-family homes dropped to 77.6% of closings from 82.1% of closings.
For all new homes sold, the average unit size rose 25.7% year-over-year to 2,717 square feet in April 2016. In March, the average size of new homes sold went from 2,180 square feet a year earlier to 2,294 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 8.9% of existing home closings, below 13.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.3% in April from 6.2% a year earlier while REO closings as a percentage of existing home closings fell to 4.6% from 7.5% a year earlier.