Prices of New Homes Gain in St. George, Sales Drop According to Recent Data
Posted on: Aug 08, 2014 11:51:52 AM
In May, there was a drop year-over-year in new home closings in the St. George, UT market, and there were suggestions of weakening market conditions with a percentage decline steeper than that of April 2014. New home closings saw a 31.4% drop from a year earlier to 48. This was after the housing market saw a 6.0% drop year-over-year in April.
A total of 652 new homes were sold during the 12 months that ended in May, down from 674 for the year that ended in April.
As a percentage of overall housing closings, new home closings made up 10.0%. This is a drop 12.7% of closings a year earlier. Closings of new and existing homes slid year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes grew year-over-year to $325,304 in May, up 2.5% from last year. This gain is smaller than the 6.7% hike in April year-over-year.
In May 2014, average mortgage size on new homes went from $281,963 in May 2013 to $284,069 in May 2014. In April 2014, average mortgage size on newly sold homes saw a 2.8% lift year-over-year from a year earlier.