New home closings in the Logan, UT market declined year-over-year in April, and the decline was similar to March 2016. New home closings moved from 4 a year earlier to 1 after the figure moved from 4 in March 2015 to 1 in March 2016.
Last year, 4 of 208 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 182 total closings. 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 value of newly sold homes in April 2016 was $217,312, down from last year's $227,946. This came after a.
Average mortgage size on newly sold homes saw a decline year-over-year from $182,337 to $173,850.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 7.2% of closings, below 7.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.9% in April from 4.9% a year earlier and REO closings moved from 2.9% of existing home closings in April 2015 to 3.3% in April 2016.