Freshest Numbers Show Prices of New Homes Increase in Salt Lake City, Sales Drop
Posted on: Jul 06, 2014 07:32:18 AM
In the Salt Lake City, UT market in April, new home closings sank year-over-year, and there were hints the market may be worsening with a percentage decline steeper than that of March 2014. Closings slumped 11.5% from a year earlier to 200. This came on the heels of a 8.8% decline year-over-year in March.
A total of 2,507 new homes were sold during the 12 months that ended in April, down from 2,533 for the year that ended in March.
New home closings accounted for 9.9% of overall housing closings. They represented 9.4% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 12.2% bump year-over-year as it grew to $319,847 per unit. This rise is higher than the 10.7% surge in March year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. In April 2014, average mortgage size increased 9.8% from a year earlier to $273,498. In March 2014, average mortgage size on newly sold homes saw a 7.4% bump year-over-year from a year earlier.