St. George, Utah – its Wednesday, May 6, 2015, and the Southern Utah Home Price Index (SUHPI) for April was flat (0.00%) from the same time period last year, according to the WCBR (Washington County Board of Realtors) MLS system.
Washington County’s housing affordability remains steady: While the great State of Utah’s overall median home value remained affordable at $208,900, Southern Utah’s median sales price for a single-family residential unit in Washington County remained at $215,000; representing a 0.00% increase from April 2014’s median sales price – per the WCBR (Washington County Board Of Realtors) MLS statistics.
Utah’s Mortgage Delinquencies Decline: The Washington County real estate market has continued to show resiliency and is projected to increase by 2.6% over the next 12 months. Another indicator that points to additional signs of the markets overall health for the SUHPI compares and contrasts the national average for Mortgage delinquency. Currently, the projected national average for mortgage delinquency is 2.51%. Meanwhile the mortgage delinquency rate in the Beehive State has declined to 2.7%.
As Washington County’s distressed real estate inventory continues to shrink, the average homebuyer is forced to search the normal WCBR MLS inventory – which currently has an absorption rate of 5.89 months of inventory for all of Southern Utah.
Southern Utah Home Price Index – April 2015
Average List Price: $388,143
Median List Price: $291,500
Average Sales Price: $243,705
Median Sales Price: $215,000
Average Cumulative Days on Market: 102
Median Cumulative Days on Market: 42