Latest Numbers Indicate New Home Closings and Prices Drop in Logan
Posted on: Jul 06, 2014 07:21:25 AM
In the Logan, UT market in April, closings of new homes dropped year-over-year, dropping after a year-over-year increase in March 2014. New home closings moved from 15 a year earlier to 14 after the figure moved from 13 in March 2013 to 22 in March 2014.
A total of 188 new homes were sold during the 12 months that ended in April, down from 189 for the year that ended in March.
New home closings were 9.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 14 of the 184 total closings. After staying stable in March from a year earlier, closings of new and existing homes rose in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2014 was $209,010, down from last year's $243,827. This was on the heels of a 1.9% hike in March year-over-year.
The average mortgage size went down to $172,305 from $211,027 a year earlier. Average mortgage size on new homes went from $193,866 in March 2013 to $203,071 in March 2014.