New Home Sales and Prices Both Increase in St. George According to Freshest Data
Posted on: Apr 06, 2014 07:41:34 AM
In January, closings of new homes rose year-over-year in the St. George, UT market, rising after a decline in December 2013. Closings rose 29.0% from a year earlier to 40. In comparison, new home closings in the same month last year saw a 5.9% drop year-over-year in December.
A total of 678 new homes were sold during the 12 months that ended in January, up from 669 for the year that ended in December.
Out of all housing closings, new home closings represented 12.2%. This is an increase on a percentage basis, as new home closings were 9.2% of total closings a year ago. After remaining steady in December from a year earlier, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 9.2% in January to $334,262 per unit. This boost is smaller than the 19.0% lift in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2014, the average mortgage size on newly sold homes saw a 8.5% lift from a year earlier. In December 2013, average mortgage size on newly sold homes saw a 21.0% bump year-over-year from a year earlier.