Freshest Figures Show New Home Prices Gain, Sales Fall in Provo
Posted on: Apr 06, 2014 07:34:23 AM
Closings of new homes in the Provo, UT market fell year-over-year in January, and the percentage drop that was steeper than December 2013 gave implications of worsening market conditions. New home closings saw a 9.0% fall from a year earlier to 111. This was after the housing market saw a 5.1% drop year-over-year in December.
A total of 1,710 new homes were sold during the 12 months that ended in January, down from 1,721 for the year that ended in December.
New home closings represented 19.2% of overall housing closings. This is a hike from 17.7% of closings a year earlier. Closings of new and existing homes saw a decline year-over-year in January after remaining steady in December year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 15.5% surge year-over-year to $320,240 per unit in January. This boost is an improvement over the 11.1% bump in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size saw a 13.1% gain year-over-year to $267,760 in January. In December 2013, average mortgage size on newly sold homes saw a 9.3% bump year-over-year from a year earlier.