New Home Closings and Prices in Salt Lake City Drop According to Latest Figures
Posted on: Aug 08, 2014 11:47:06 AM
In the Salt Lake City, UT market in May, new home closings declined year-over-year, but the percentage decline, which was less than that of April 2014, gave suggestions that the market may be evening out. There was a 3.3% decline in new home closings from a year earlier. This followed a 11.6% fall year-over-year in April.
A total of 2,427 new homes were sold during the 12 months that ended in May, down from 2,434 for the year that ended in April.
As a percentage of overall housing closings, new home closings represented 9.0%. This is a surge from 7.8% of closings a year earlier. Following a year-over-year decline in April, closings of new and existing homes also dropped year-over-year in May.
Pricing and Mortgage Trends
Average price of newly sold homes had a 2.5% decline year-over-year to $309,369 per unit in May. This fall compares to a 11.9% rise in April year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In May 2014, there was a 4.4% decline in the average mortgage size on new homes to $261,555. In April 2014, average mortgage size on newly sold homes saw a 9.6% lift year-over-year from a year earlier.