St. George, Utah – its Wednesday June 3, 2015, and the Southern Utah Home Price Index (SUHPI) for May 2015 increased by 7.99% from the same time last year, according to the Washington County Board of Realtors MLS system.
Washington County’s housing affordability remains steady:
While Utah’s overall median home value remained affordable at $209,300, Southern Utah’s median sales price for a single-family residential unit increased on a year-over-year basis to $227,750. Representing a 7.99% increase from 2014’s $210,900 median sales price – as indicated by the local MLS statistics.
Utah’s Mortgage Delinquencies Decline:
Another key indicator that points to additional signs of the markets overall health for the SUHPI, compares and contrasts Utah’s Mortgage delinquency rate against the national average. Currently the national average for mortgage delinquency is 2.95%. Meanwhile the mortgage delinquency rate for Utah has declined to 2.7%.
As Washington County’s distressed real estate inventory continues to shrink dramatically, those homebuyers seeking the best deals find themselves scouring the Southern Utah MLS inventory on a daily basis – which currently has an absorption rate of 5.63 months of inventory for Washington County.
SUHPI: Southern Utah Home Price Index – May 2015
Average List Price: $389,190
Median List Price: $294,900
Average Sales Price: $259,069
Median Sales Price: $227,750
Average Cumulative Days on Market: 98
Median Cumulative Days on Market: 46