Recent Figures Show New Home Sales and Prices Climb in Salt Lake City
Posted on: Dec 06, 2013 07:41:29 AM
Closings of new homes in the Salt Lake City, UT market jumped year-over-year in September, and there were signs that the market may be improving as the percentage lift was better than August 2013. There was a 21.4% hike in new home closings from a year earlier. This followed a 18.3% boost year-over-year in August.
A total of 2,578 new homes were sold during the 12 months that ended in September, up from 2,536 for the year that ended in August.
Of the total number of closings, new home closings made up 11.0%. They represented 10.3% of closings a year earlier. Closings of new and existing homes rose year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
In September, the average price of newly sold homes jumped year-over-year to $338,726 per unit, a 19.8% lift. This hike is better than the 7.2% gain in August year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. Average mortgage size increased 19.3% to $291,409 in September from a year earlier. Average mortgage size gained 6.9% in August 2013 from a year earlier.