In the St. George, UT market, new home closings climbed year-over-year in December, swinging upward off a drop in November 2015. New home closings saw a 8.5% jump from a year earlier to 89. This was after the housing market saw a 1.4% drop year-over-year in November.
A total of 874 new homes were sold during the 12 months that ended in December, up from 867 for the year that ended in November.
New home closings made up 21.6% of overall housing closings. This is a surge from 18.8% of closings a year earlier. For new and existing homes, closings dropped in December after also declining in November year-over-year.
Pricing and Mortgage Trends
In December, the average per-unit price of new homes sank by 5.6% year-over-year to $339,431. This fall is a drop off from the 6.7% drop in November from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In December 2015, the average mortgage size on newly sold homes saw a 6.2% decline from a year earlier. In November 2015, average mortgage size on newly sold homes saw a 9.4% decline from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes rose from 80.5% in December 2014 to 84.3% of closings in December 2015. At the same time, the share of new home closings belonging to attached units sank to 15.7% of closings from 19.5% of closings.
For all new homes sold, the average unit size rose 50.2% year-over-year to 3,314 square feet in December 2015. The average size of newly sold homes moved from 2,326 square feet in November 2014 to 2,853 square feet in November 2015. For newly sold homes, an average size lift contrasting with an average price fall was also seen in November 2015 when the average size of newly sold homes sank 22.7% to 2,853 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 7.4% of existing home closings, down from 15.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.0% in December from 5.4% a year earlier while REO closings as a percentage of existing home closings fell to 3.4% from 9.6% a year earlier.