New Home Closings and Prices in St. George Increase According to Recent Figures
Posted on: Dec 06, 2013 07:45:49 AM
In September, closings of new homes in the St. George, UT market rose year-over-year, and the market seemed to be suggesting bolstering with a percentage hike stronger than August 2013. New home closings saw a 88.6% climb from a year earlier to 66. This came on the heels of a 24.1% boost year-over-year in August.
A total of 625 new homes were sold during the 12 months that ended in September, up from 594 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 14.9%. This is better than the 10.0% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also gained year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year in September to $343,724 per unit, a rise of 8.2%. This surge follows a move from $288,980 per unit to $288,418 from August 2012 to August 2013.
Average mortgage size on new homes increased year-over-year along with new home prices. In September 2013, the average mortgage size on newly sold homes saw a 5.3% surge from a year earlier. In August 2013, average mortgage size on newly sold homes saw a 1.9% lift year-over-year from a year earlier.