Latest Numbers For Salt Lake City Show New Home Closings and Prices Rise
Posted on: Nov 12, 2013 07:41:30 AM
There was an increase in closings of new homes in the Salt Lake City, UT market in August year-over-year, but the percentage bump was less pronounced than July 2013, indicating the market may be stabilizing. Closings gained 19.6% from a year earlier to 268. In comparison, new home closings in the same month last year saw a 20.2% climb year-over-year in July.
A total of 2,355 new homes were sold during the 12 months that ended in August, up from 2,311 for the year that ended in July.
As a percentage of overall housing closings, new home closings accounted for 11.4%. This is better than the 9.6% of closings a year earlier. Closings of new and existing homes increased year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
In August, there was a 7.8% surge year-over-year in the average price of newly sold homes, reaching $308,223 per unit. This hike is smaller than the 8.5% lift in July year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In August 2013, there was a 7.3% bump in the average mortgage size, reaching $267,760. In July 2013, average mortgage size rose 7.2% from a year earlier.