Newest Numbers Show Prices of New Homes Gain in Provo, Sales Decline
Posted on: Aug 08, 2014 11:43:45 AM
In the Provo, UT market, new home closings slid year-over-year in May, a move downward following a boost in April 2014. New home closings saw a decline of 9.0% from the year earlier to 132. This came after a 15.0% jump year-over-year in April.
A total of 1,644 new homes were sold during the 12 months that ended in May, down from 1,657 for the year that ended in April.
Of the total number of closings, new home closings made up 13.9%. A year ago, new home closings accounted for 13.6%. After rising year-over-year in April, closings of new and existing homes sank year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $305,270 per unit in May, up 6.9%from a year earlier. This lift is an improvement over the 1.3% rise in April year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. The average mortgage size saw a 6.8% hike year-over-year to $258,523 in May. Average mortgage size went from $250,428 in April 2013 to $252,895 in April 2014.