Recent Numbers For Salt Lake City Show New Home Closings Climb
Posted on: Sep 11, 2014 07:30:28 AM
The Salt Lake City, UT market saw a rise in new home closings in June year-over-year, recovering from a decline in May 2014. Closings gained to 228, marking a 16.3% move from a year earlier. This followed a move from 211 in May 2013 to 196 in May 2014.
A total of 2,483 new homes were sold during the 12 months that ended in June, up from 2,451 for the year that ended in May.
As a percentage of overall housing closings, new home closings accounted for 9.6%. This is better than the 8.0% of closings a year earlier. Following a year-over-year decline in May, closings of new and existing homes also declined year-over-year in June.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $330,906 in June 2014 from $332,127 in June 2013. This came after a 2.6% drop in May from a year earlier.
In June 2014, average mortgage size on newly sold homes moved from $285,879 to $284,296 from June 2013. In May 2014, average mortgage size on newly sold homes saw a 4.5% fall from a year earlier.