New home closings in the Ogden, UT market slid year-over-year in November, but there were hints the market may be stabilizing from a percentage fall less than October 2015. Closings slid 6.2% from a year earlier to 120. This came on the heels of a 20.9% decline year-over-year in October.
A total of 1,475 new homes were sold during the 12 months that ended in November, down from 1,483 for the year that ended in October.
Of 879 total closings, 120 were of new homes. This is better than the 11.8% of closings a year earlier. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 3.9% hike year-over-year to $321,522 per unit in November. This lift is better than the 1.2% gain in October year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It slid 2.7% in November from a year earlier to $271,356. Average mortgage size sank 7.4% in October 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 78.9% of new closings in November 2014 to 82.5% of closings in November 2015. Meanwhile, attached units as a percentage of all new home closings fell to 17.5% of closings from 21.1% of closings.
There was a 13.6% fall year-over-year in the average unit size of newly sold homes to 1,937 square feet in November 2015. For newly sold homes, an average size decline contrasting with an average price bump was also seen in October 2015 when the average size of newly sold homes dropped 7.4% to 2,127 square feet. In October, the average size of new homes sold went from 2,298 square feet a year earlier to 2,127 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 9.9% of closings, below 13.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.6% in November from 6.2% a year earlier and REO closings moved from 6.8% of existing home closings in November 2014 to 6.3% in November 2015.