Latest Figures Show New Home Sales Climb in Logan, Prices Decline
Posted on: Dec 06, 2013 07:27:11 AM
In September, closings of new homes increased year-over-year in the Logan, UT market, and the increase was greater than August 2013. New home closings moved from 14 a year earlier to 27 after the figure moved from 13 in August 2012 to 17 in August 2013.
A total of 138 new homes were sold during the 12 months that ended in September, up from 125 for the year that ended in August.
Last year, 14 of 92 total closings were new homes, and this percentage saw a decline as new home closings this year made up 27 of the 211 total closings. Closings of new and existing homes gained year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2013 was $205,282, down from last year's $226,449. This followed a 2.5% decline in August from a year earlier.
The average mortgage size went down to $181,108 from $185,108 a year earlier. Average mortgage size on new homes went from $180,215 in August 2012 to $172,425 in August 2013.