Closings of new homes slid year-over-year in December in the Logan, UT market, but the decline was less than the year-over-year decline in November. New home closings moved from 12 a year earlier to 4 after the figure moved from 6 in November 2014 to 1 in November 2015.
New home closings were 4 out of the 201 total closings, down on a percentage basis from 12 of 197 a year earlier. Following a drop in November year-over-year, closings of new and existing homes grew year-over-year in December.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 12.2% of existing closings, lower than 18.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.1% in December from 7.6% a year earlier while REO closings as a percentage of existing home closings dropped to 8.1% from 10.8% a year earlier.