Newest Numbers Indicate New Home Closings and Prices Decrease in Ogden
Posted on: May 06, 2013 07:26:55 AM
Closings of new homes in the Ogden, UT market declined year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from 63 a year earlier to eight after the figure moved from 50 in January 2012 to 13 in January 2013.
A total of 660 new homes were sold during the 12 months that ended in February, down from 715 for the year that ended in January.
New home closings accounted for eight of the 315 total closings, a smaller percentage compared with 63 of 828 closings a year earlier. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average value of new homes sold in February 2013 declined to $254,888 from the year-earlier figure of $267,545. This came after a 17.6% lift in January year-over-year.
From the year-ago figure of $251,891, the average mortgage size on new homes moved up to $270,451. Average mortgage size on new homes went from $225,307 in January 2012 to $237,789 in January 2013.
Newest Numbers Indicate New Home Closings and Prices Decrease in Ogden
Posted on: May 06, 2013 07:26:55 AM
Closings of new homes in the Ogden, UT market declined year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from 63 a year earlier to eight after the figure moved from 50 in January 2012 to 13 in January 2013.
A total of 660 new homes were sold during the 12 months that ended in February, down from 715 for the year that ended in January.
New home closings accounted for eight of the 315 total closings, a smaller percentage compared with 63 of 828 closings a year earlier. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average value of new homes sold in February 2013 declined to $254,888 from the year-earlier figure of $267,545. This came after a 17.6% lift in January year-over-year.
From the year-ago figure of $251,891, the average mortgage size on new homes moved up to $270,451. Average mortgage size on new homes went from $225,307 in January 2012 to $237,789 in January 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family homes continued to account for all of new home closings.
The average unit size of newly sold homes fell from 1,648 square feet a year earlier to 624 square feet.
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Together, foreclosures plus REO closings represented 24.4% of existing home closings. In February 2012, they accounted for 33.9%. The percentage of existing home closings involving foreclosures slipped to 12.4% in February from 16.6% a year earlier while REO closings as a percentage of existing home closings declined to 12.1% from 17.3% a year earlier.
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Source: Housing Intelligence