In June, there was an increase in closings of new homes in the Ogden, UT market year-over-year, and the market seemed to be signaling bolstering with a percentage gain stronger than May 2016. New home closings saw a 9.3% boost from a year earlier to 153. This came on the heels of a 9.2% climb year-over-year in May.
A total of 1,548 new homes were sold during the 12 months that ended in June, up from 1,535 for the year that ended in May.
Of the total number of closings, new home closings made up 10.6%. A year earlier, new home closings accounted for 9.8% of total closings. After new and existing closings gained in May year-over-year, they stayed level in June.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.6% gain year-over-year to $332,062 per unit in June. This surge compares to a period of relatively little movement in May from a year earlier.
The average mortgage size on newly sold homes dropped year-over-year in contrast to the average price of new homes. In June 2016, the average mortgage size on newly sold homes saw a 8.1% fall from a year earlier. In May 2016, average mortgage size slid 12.2% 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 10.0% of closings in June 2015 to 12.4% of closings in June 2016. Meanwhile, single-family home closings as a percentage of all new home closings fell to 87.6% of closings from 90.0% of closings.
For all new homes sold, the average unit size sank 15.3% year-over-year to 1,971 square feet in June 2016. The average size of newly sold homes moved from 2,378 square feet in May 2015 to 2,054 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 6.1% of existing closings, lower than 9.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.2% in June from 4.3% a year earlier while REO closings as a percentage of existing home closings dropped to 3.9% from 5.6% a year earlier.