In April, the Ogden, UT market saw a drop year-over-year in new home closings, shifting downward off a hike in March 2016. Closings sank 58.6% from a year earlier to 58. This followed a 1.4% boost 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.
New home closings accounted for 4.8% of overall housing closings. This is a fall 10.6% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 5.7% in April to $333,262 per unit. This lift compares to a period of relatively little movement in March from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In April 2016, average mortgage size on new homes sold was $288,529, down 8.8% from a year earlier. In March 2016, average mortgage size on newly sold homes saw a 8.6% decline from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. The share of new home closings belonging to attached units climbed from 17.9% of closings in April 2015 to 22.4% of closings in April 2016. Meanwhile, single-family home closings as a percentage of all new home closings declined to 77.6% of closings from 82.1% of closings.
For all new homes sold, the average unit size gained 25.7% year-over-year to 2,717 square feet in April 2016. The average size of newly sold homes moved from 2,180 square feet in March 2015 to 2,294 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 8.9% of existing home closings, down from 13.7% a year earlier. The percentage of existing home closings involving foreclosures declined 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.