Latest Figures Show New Home Prices Climb, Sales Drop in St. George
Posted on: Jul 06, 2014 07:35:50 AM
In the St. George, UT market in April, new home closings fell year-over-year, swinging downward off a year-over-year rise in March 2014. New home closings saw a 9.6% fall from a year earlier to 47. This came on the heels of a 23.5% jump year-over-year in March.
A total of 691 new homes were sold during the 12 months that ended in April, down from 696 for the year that ended in March.
New home closings accounted for 11.2% of overall housing closings. They made up 10.4% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 8.2% gain year-over-year as it grew to $341,825 per unit. This bump is higher than the 5.8% lift in March year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. Average mortgage size increased 4.6% to $289,216 in April from a year earlier. In March 2014, average mortgage size climbed 2.6% from a year earlier.