In May, there was a fall year-over-year in new home closings in the Ogden, UT market, but there were signals of market improvement with a percentage fall less steep than in April 2016. New home closings saw a 8.3% fall from a year earlier to 99. This was after the housing market saw a 30.0% decline year-over-year in April.
A total of 1,487 new homes were sold during the 12 months that ended in May, down from 1,496 for the year that ended in April.
Out of all housing closings, new home closings accounted for 7.2%. This is a fall 8.8% of closings a year earlier. After dropping in April from a year earlier, closings of new and existing homes rose year-over-year in May.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.8% drop year-over-year to $335,549 per unit in May. This decline compares to a 8.4% surge in April year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. In May 2016, average mortgage size sank 13.9% from a year earlier to $287,484. In April 2016, average mortgage size dropped 6.9% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 86.1% of new home closings to 85.9% of closings while attached units have gone from 13.9% of closings to 14.1% of closings.
The average unit size of newly sold homes declined 8.8% year-over-year to 2,153 square feet in May 2016. The average size of newly sold homes moved from 2,172 square feet in April 2015 to 2,444 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 6.9% of closings, below 11.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.0% in May from 4.8% a year earlier while REO closings as a percentage of existing home closings declined to 3.9% from 6.4% a year earlier.