Salt Lake City, UT - Local Housing Data - Summary

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Salt Lake City, UT Local News

  • Comments on the Pulte Dominion Acquisition

    PulteGroup landed a regional stronghold untethered by legacy land issues as it wrests up to 8,100 lots in Ohio and Kentucky as it acquires Dominion Homes. Here's some thoughts on motivations and challenges, risks and rewards from BUILDER editorial director John McManus.

  • Utah Gives North Dakota a Run for the Money on Job Creation

    Wall Street Journal staffer Eric Morath reports from Labor Department data released Monday that Utah has emerged this year as a job creation leader (paywall). The state's July unemployment rate of 3.6% ranks only behind North Dakota's minuscule 2.8%. Utah payrolls have grown by 2.5% over the past...

  • Century Lands an Experienced Texas Operator

    With the acquisition of Grand View Builders, Century Communities gets a foothold in the nation's largest housing market.

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.


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