Salt Lake City, UT - Latest New Home Sales Numbers Suggest Market Rise Slowing.
Posted on: May 07, 2012 09:42:31 AM
New home sales in the Salt Lake City, UT market jumped year-over-year in February, but the market seemed to be signaling at leveling out with a percentage bump less pronounced than January 2012. Sales climbed 15.5% from a year earlier to 127, compared with a 33.7% jump in January from the year earlier.
A total of 1,734 new homes were sold during the 12 months that ended in February, up from 1,717 for the year that ended in January.
New home sales accounted for 7.6% of overall housing sales. They made up 7.2% of sales a year earlier. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Advertisement
Pricing and Mortgage Trends
Average price of newly sold homes saw a 1.7% decline year-over-year in February to $267,015 per unit. This is a downward shift from the 9.1% rise in January year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. The average mortgage size dipped to $234,062 in February, marking a 1.8% decline compared with last year. In January 2012, average mortgage size increased 4.0% from a year earlier. For new home sales, the percentage of the sale price that was being financed was relatively unchanged from February 2011 to February 2012 at 87.7%. In January, the figure saw a 4.3 percentage point decline from a year earlier.
Salt Lake City, UT - Latest New Home Sales Numbers Suggest Market Rise Slowing.
Posted on: May 07, 2012 09:42:31 AM
New home sales in the Salt Lake City, UT market jumped year-over-year in February, but the market seemed to be signaling at leveling out with a percentage bump less pronounced than January 2012. Sales climbed 15.5% from a year earlier to 127, compared with a 33.7% jump in January from the year earlier.
A total of 1,734 new homes were sold during the 12 months that ended in February, up from 1,717 for the year that ended in January.
New home sales accounted for 7.6% of overall housing sales. They made up 7.2% of sales a year earlier. Sales of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 1.7% decline year-over-year in February to $267,015 per unit. This is a downward shift from the 9.1% rise in January year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. The average mortgage size dipped to $234,062 in February, marking a 1.8% decline compared with last year. In January 2012, average mortgage size increased 4.0% from a year earlier. For new home sales, the percentage of the sale price that was being financed was relatively unchanged from February 2011 to February 2012 at 87.7%. In January, the figure saw a 4.3 percentage point decline from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes grew from 86.4% in February 2011 to 96.9% of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales dropped to 3.1% of sales from 13.6% of sales.
There was a 20.4% decline year-over-year in the average unit size of newly sold homes to 1,567 square feet in February 2012. In January, the average size of new homes sold went from 1,883 square feet a year earlier to 2,084 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 36.1% of sales. They made up 45.0% in February 2011. The percentage of existing home sales involving foreclosures fell to 17.5% in February from 22.5% a year earlier while REO sales as a percentage of existing home sales slipped to 18.6% from 22.4% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence