Latest Numbers For Salt Lake City Show New Home Closings and Prices Climb
Posted on: May 06, 2013 07:32:24 AM
The Salt Lake City, UT market saw an increase in closings of new homes in February year-over-year, and there were hints that the market may be gaining momentum as the percentage surge proved better than January 2013. New home closings rose by 10.5% in February 2013 from a year earlier, after closings saw a 7.4% rise in January from the year earlier.
A total of 2,167 new homes were sold during the 12 months that ended in February, up from 2,153 for the year that ended in January.
Of 1,460 total closings, 147 were of new homes. This is an increase on a percentage basis, as new home closings were 8.0% of total closings a year ago. Following a year-over-year rise in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 9.3% year-over-year in February to $299,055 per unit. This is an about-face from the 6.0% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. The average mortgage size saw an 8.6% rise year-over-year to $259,238 in February. In January 2013, average mortgage size declined 4.4% from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 86.7% from a year earlier figure of 87.3%. In January 2013, the figure increased 1.5 percentage points from the year earlier.