The St. George, UT market saw a rise in new home closings in July year-over-year, picking up from a fall in June 2016. New home closings saw a hike of 5.2% from the year earlier to 81. In comparison, new home closings in the same month last year saw a 12.1% drop year-over-year in June.
A total of 967 new homes were sold during the 12 months that ended in July, up from 963 for the year that ended in June.
New home closings represented 16.5% of overall housing closings. This is an increase on a percentage basis, as new home closings were 15.2% of total closings a year ago. Following a year-over-year rise in June, closings of new and existing homes declined year-over-year in July.
Pricing and Mortgage Trends
For newly sold homes, the average price slid 6.3% year-over-year in July to $321,436 per unit. This drop compares to a 4.5% bump in June year-over-year.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. Average mortgage size dropped by 4.7% from a year earlier, settling at $286,305 in July. In June 2016, average mortgage size on newly sold homes saw a 1.1% decline from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings grew from 87.0% of new closings in July 2015 to 90.1% of closings in July 2016. At the same time, the share of new home closings belonging to attached units sank to 9.9% of closings from 13.0% of closings.
For all new homes sold, the average unit size increased 3.9% year-over-year to 2,062 square feet in July 2016. In June, the average size of new homes sold went from 2,148 square feet a year earlier to 2,632 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 5.1% of existing home closings, below 8.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 1.5% in July from 3.2% a year earlier while REO closings as a percentage of existing home closings sank to 3.7% from 5.6% a year earlier.