In September, the St. George, UT market saw a decline year-over-year in new home closings, moving south after a bump in August 2015. New home closings saw a drop of 1.3% from the year earlier to 74. This was after the housing market saw a 10.4% climb year-over-year in August.
A total of 844 new homes were sold during the 12 months that ended in September, down from 845 for the year that ended in August.
Out of all housing closings, new home closings represented 17.5%. This is down from the 19.5% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
In September, the average value of new homes saw a 1.8% lift year-over-year as it grew to $335,509 per unit. This rise is smaller than the 13.1% hike in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size gained 3.1% to $295,157 in September from a year earlier. In August 2015, average mortgage size grew 16.8% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. Attached unit closings grew from 9.3% of all closings in September 2014 to 14.9% of closings in September 2015. At the same time, the share belonging to single-family homes sank to 85.1% of closings from 90.7% of closings.
For all new homes sold, the average unit size jumped 9.1% year-over-year to 2,504 square feet in September 2015. The average size of newly sold homes moved from 2,449 square feet in August 2014 to 2,388 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 7.7% of existing home closings, below 15.2% a year earlier. The percentage of existing home closings involving foreclosures went from 4.5% in September 2014 to 3.7% in September 2015 and REO closings as a percentage of existing home closings fell to 4.0% from 10.7% a year earlier.