Latest Numbers For Provo Show New Home Closings and Prices Gain
Posted on: Jul 06, 2014 07:29:44 AM
New home closings rose year-over-year in April in the Provo, UT market, shifting up after a fall in March 2014. Closings gained 11.9% from a year earlier to 122. This followed a 11.6% fall year-over-year in March.
A total of 1,675 new homes were sold during the 12 months that ended in April, up from 1,662 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 13.7%. This is better than the 12.5% of closings a year earlier. For new and existing homes, closings climbed year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $299,128 per unit in April, up 1.0%from a year earlier. This hike is smaller than the 12.1% surge in March year-over-year.
For newly sold homes, average mortgage size moved from $249,938 in April 2013 to $251,919 in April 2014. In March 2014, average mortgage size on newly sold homes saw a 11.7% bump year-over-year from a year earlier.