Closings of new homes in the St. George, UT market sank year-over-year in May, a move downward following a bump in April 2016. There was a 19.2% decline in new home closings from a year earlier. This came on the heels of a 32.3% boost year-over-year in April.
A total of 973 new homes were sold during the 12 months that ended in May, down from 987 for the year that ended in April.
Out of all housing closings, new home closings accounted for 12.2%. This is down from the a year earlier when new home closings represented 14.3% of total closings. For new and existing homes, closings slid in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year in May to $406,362 per unit, a rise of 12.7%. This gain compares to a 19.4% decline in April from a year earlier.
Average mortgage size on new homes jumped year-over-year along with new home prices. In May 2016, the average mortgage size was $351,927, a 9.9% surge from a year earlier. In April 2016, average mortgage size on newly sold homes saw a 22.5% fall from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes gained from 94.5% in May 2015 to 96.6% of closings in May 2016. At the same time, the share of new home closings belonging to attached units sank to 3.4% of closings from 5.5% of closings.
The average unit size of newly sold homes jumped 30.4% year-over-year to 3,180 square feet in May 2016. The average size of newly sold homes moved from 2,187 square feet in April 2015 to 2,693 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 7.0% of closings, below 7.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.1% in May from 4.3% a year earlier and REO closings moved from 3.2% of existing home closings in May 2015 to 4.0% in May 2016.