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Ogden, UT - Latest New Home Sales Numbers Give Hints Market Fall is Slowing

Posted on: May 07, 2012 09:33:04 AM

Sales of new homes sank year-over-year in February in the Ogden, UT market, but the percentage drop was less than that of January 2012, hinting that the market may be strengthening. New home sales saw a 26.0% drop from a year earlier to 54. This came after a 31.7% drop year-over-year in January.

A total of 910 new homes were sold during the 12 months that ended in February, down from 929 for the year that ended in January.

As a percentage of overall housing sales, new home sales made up 6.9%. This is down from the 10.5% of sales a year earlier. After dropping in January from a year earlier, sales of new and existing homes rose year-over-year in February.

Pricing and Mortgage Trends

In February, there was an 8.5% rise in the average price of newly sold homes year-over-year, reaching $267,905 per unit. This is a swing up from a 10.7% decline in January from a year earlier.

Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In February 2012, there was a 7.9% rise in the average mortgage size, reaching $250,009. Average mortgage size slid 10.4% in January 2012 from a year earlier. The overall percentage of sale price that was being financed went from 93.9% of average price to 93.3% from a year earlier. It went from 88.9% in January 2011 to 89.1% in January 2012.

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 2012. Single-family home sales have accounted for all of new home sales while attached unit sales have made up no part of sales.

There was a 12.5% drop year-over-year in the average unit size of newly sold homes to 1,645 square feet in February 2012. For newly sold homes, an average size decline contrasting with an average price rise was also seen in January 2012 when the average size of newly sold homes dropped 22.2% to 1,460 square feet.

Foreclosures and real estate owned (REO) sales fell in February from a year earlier, but stayed a drag on the market. Foreclosures and REO sales, taken together, accounted for 34.4% of existing sales, lower than 44.7% a year earlier. The percentage of existing home sales involving foreclosures slipped to 16.5% in February from 23.1% a year earlier while REO sales as a percentage of existing home sales dipped to 17.9% from 21.6% a year earlier.

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