Recent Figures Show New Home Prices Rise, Sales Decrease in St. George
Posted on: May 06, 2013 07:35:35 AM
New home closings in the St. George, UT market declined year-over-year in February, moving south after a rise in January 2013. New home closings saw a fall of 35.3% from the year earlier to 22 after closings increased 3.8% in January from the year earlier.
A total of 451 new homes were sold during the 12 months that ended in February, down from 463 for the year that ended in January.
New home closings made up 7.0% of overall housing closings, less than the 8.4% of closings a year earlier. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 6.0% rise year-over-year as it grew to $273,249 per unit. This rise follows a move from $308,853 per unit to $310,735 from January 2012 to January 2013.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It increased 6.6% in February from a year earlier to $236,904. Average mortgage size went from $268,327 in January 2012 to $269,037 in January 2013. For newly sold homes, the percentage of sale price being financed moved to 86.7% from a year earlier figure of 86.3%. It moved from 86.9% in January 2012 to 86.6% in January 2013.