New home closings in the St. George, UT market sank year-over-year in July, curving down after an increase in June 2015. New home closings saw a 16.9% decline from a year earlier to 69. This was after the housing market saw a more than twofold rise year-over-year in June.
A total of 808 new homes were sold during the 12 months that ended in July, down from 822 for the year that ended in June.
New home closings represented 13.9% of overall housing closings. This is down from the 19.1% of closings a year earlier. For new and existing homes, closings jumped year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.3% lift year-over-year to $345,698 per unit in July. This boost is smaller than the 8.2% surge in June year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. In July 2015, there was a 4.2% bump in the average mortgage size, reaching $303,984. In June 2015, average mortgage size on newly sold homes saw a 16.6% lift year-over-year from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings gained from 3.6% of all closings in July 2014 to 8.7% of closings in July 2015. Meanwhile, single-family home closings as a percentage of all new home closings fell to 91.3% of closings from 96.4% of closings.
For all new homes sold, the average unit size fell 23.2% year-over-year to 1,975 square feet in July 2015. For newly sold homes, an average size fall contrasting with an average price hike was also seen in June 2015 when the average size of newly sold homes declined 1.2% to 2,184 square feet. The average size of newly sold homes moved from 2,211 square feet in June 2014 to 2,184 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 8.6% of existing closings, lower than 15.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.0% in July from 6.2% a year earlier while REO closings as a percentage of existing home closings dropped to 5.6% from 8.8% a year earlier.