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.
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.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes gained from 97.0% in February 2012 to 98.6% of closings in February 2013. At the same time, the share of new home closings belonging to attached units sank to 1.4% of closings from 3.0% of closings.
For all new homes sold, the average unit size increased 17.3% year-over-year to 1,752 square feet in February 2013. This hike was somewhat steeper than the price rise, which was also seen in January 2013 when the average size of new homes sold climbed 11.3% to 1,818 square feet from a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 21.4% of existing home closings, below 37.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.3% in February from 18.2% a year earlier while REO closings as a percentage of existing home closings slipped to 12.1% from 19.0% a year earlier.
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Source: Housing Intelligence