Freshest Numbers Show Prices of New Homes Rise in Ogden, Sales Decline
Posted on: Aug 08, 2014 11:40:15 AM
In May, the Ogden, UT market saw a drop year-over-year in new home closings, but the percentage drop was not as steep as April 2014, giving suggestion that the market may be leveling out. Closings sank 7.4% from a year earlier to 100. This came after a 19.4% fall year-over-year in April.
A total of 1,194 new homes were sold during the 12 months that ended in May, down from 1,202 for the year that ended in April.
Out of all housing closings, new home closings represented 8.6%. They accounted for 8.8% of closings a year earlier. Following a year-over-year decline in April, closings of new and existing homes also declined year-over-year in May.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 2.8% bump year-over-year in May to $316,283 per unit. This boost is smaller than the 8.6% gain in April year-over-year.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. In May 2014, the average mortgage size on newly sold homes saw a 4.0% fall from a year earlier. Average mortgage size increased 1.6% in April 2014 from a year earlier.