In January, the Ogden, UT market saw a decline year-over-year in new home closings, moving south after a lift in December 2015. New home closings saw a 56.1% decline from a year earlier to 36. This was after the housing market saw a 27.9% hike year-over-year in December.
A total of 1,485 new homes were sold during the 12 months that ended in January, down from 1,531 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 5.7%. This is down from the 11.1% of closings a year earlier. After rising year-over-year in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 2.6% in January to $342,812 per unit. This surge is smaller than the 2.9% lift in December year-over-year.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. In January 2016, average mortgage size on new homes sold was $294,717, down 4.9% from a year earlier. In December 2015, average mortgage size on newly sold homes saw a 3.3% fall 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. Attached unit closings increased from 14.6% of all closings in January 2015 to 16.7% of closings in January 2016. At the same time, the share belonging to single-family homes slid to 83.3% of closings from 85.4% of closings.
The average unit size of newly sold homes climbed 4.9% year-over-year to 2,364 square feet in January 2016. The average size of newly sold homes moved from 2,176 square feet in December 2014 to 1,927 square feet in December 2015.
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. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.2% of closings, below 18.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.8% in January from 9.4% a year earlier while REO closings as a percentage of existing home closings slid to 6.3% from 9.4% a year earlier.