In the St. George, UT market in November, new home closings sank year-over-year, moving downward after a gain in October 2015. There was a 1.4% decline in new home closings from a year earlier. This came on the heels of a 27.5% boost year-over-year in October.
A total of 865 new homes were sold during the 12 months that ended in November, down from 866 for the year that ended in October.
Of 342 total closings, 69 were of new homes. This is an increase on a percentage basis, as new home closings were 18.3% of total closings a year ago. After rising year-over-year in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
Average price of newly sold homes had a 6.7% drop year-over-year to $323,730 per unit in November. This fall compares to a 6.4% hike in October year-over-year.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. It dropped 9.4% in November from a year earlier to $273,757. In October 2015, average mortgage size on newly sold homes saw a 5.1% boost year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings gained from 85.7% of new closings in November 2014 to 89.9% of closings in November 2015. At the same time, the share of new home closings belonging to attached units declined to 10.1% of closings from 14.3% of closings.
There was a 22.7% rise year-over-year in the average unit size of newly sold homes to 2,853 square feet in November 2015. In October, the average size of new homes sold went from 2,192 square feet a year earlier to 1,957 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 7.3% of existing closings, lower than 11.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.6% in November from 5.8% a year earlier and REO closings moved from 5.8% of existing home closings in November 2014 to 4.8% in November 2015.