Latest Figures Show New Home Prices Gain, Sales Drop in Salt Lake City
Posted on: Apr 06, 2014 07:37:32 AM
In the Salt Lake City, UT market, new home closings sank year-over-year in January, and the percentage drop that was steeper than December 2013 gave implications of worsening market conditions. There was a 16.3% drop in new home closings from a year earlier. This followed a 12.1% fall year-over-year in December.
A total of 2,535 new homes were sold during the 12 months that ended in January, down from 2,559 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 9.5% of overall housing closings. New home closings were 9.2% of overall closings last year. For new and existing homes, closings fell in January after also declining in December year-over-year.
Pricing and Mortgage Trends
In January, there was a 28.3% surge year-over-year in the average price of newly sold homes, reaching $336,227 per unit. This lift is better than the 9.4% hike in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size saw a 22.2% gain year-over-year to $283,648 in January. In December 2013, average mortgage size on newly sold homes saw a 7.8% rise year-over-year from a year earlier.