Prices of New Homes Gain in Logan, Sales Decline According to Recent Data
Posted on: May 06, 2013 07:21:23 AM
New home closings in the Logan, UT market fell year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from six a year earlier to five after the figure moved from 14 in January 2012 to seven in January 2013.
A total of 114 new homes were sold during the 12 months that ended in February, down from 115 for the year that ended in January.
New home closings were five out of 20 total closings, making up 25.0%. This is up on a percentage basis from six of 25 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $268,897, up from $196,684 a year earlier. This came after a move from $244,209 per unit in January 2012 to $246,377 in January 2013.
Average mortgage size on new homes rose from $157,348 to $223,281. Average mortgage size on new homes went from $202,078 in January 2012 to $197,102 in January 2013. The overall percentage of sale price that was being financed rose 3.0 percentage points year-over-year to 83.0% in February 2013. This came after a 2.7 percentage point decline in January from a year earlier.