Latest Figures Show New Home Prices Gain, Sales Decline in Salt Lake City
Posted on: Mar 06, 2014 07:37:33 AM
New home closings in the Salt Lake City, UT market dropped year-over-year in December, a shift downward off a bump in November 2013. There was a 16.3% decline in new home closings from a year earlier. This was after the housing market saw a 9.5% hike year-over-year in November.
A total of 2,530 new homes were sold during the 12 months that ended in December, down from 2,572 for the year that ended in November.
Out of all housing closings, new home closings represented 11.6%. This is down from the a year earlier when new home closings accounted for 12.8% of total closings. Following a year-over-year rise in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
The average price of newly sold homes jumped year-over-year 17.2% in December to $343,716 per unit. This lift is an improvement over the 15.4% rise in November year-over-year.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. It increased 14.9% in December from a year earlier to $292,651. In November 2013, average mortgage size on newly sold homes saw a 14.0% hike year-over-year from a year earlier.