SUHPI: Southern Utah Home Price Index – March 2015

St. George, Utah – its Wednesday, April 1, 2015, and the Southern Utah Home Price Index (SUHPI) for March increased by 4.42% from the same time 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 $209,100, Southern Utah’s median sales price for a single-family residential unit increased on a year-over-year basis to $215,000. Representing a 4.42% increase from 2014’s $205,900 median sales price – as indicated by the local MLS statistics.

Utah’s Mortgage Delinquencies Decline: The overall health of Southern Utah’s real estate market has continued to show resiliency and is projected to increase by 3.4% 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 national average for mortgage delinquency is 6.3%. Meanwhile the mortgage delinquency rate in the Beehive State has declined to 2.7%.

As Southern Utah’s distressed inventory continues to decline, the average homebuyer is forced to search the southern Utah MLS listing inventory – which currently has an absorption rate of 6.23 months of inventory for all of Washington County.

SUHPI: Southern Utah Home Price Index  – March 2015

SUHPI: Southern Utah Home Price Index – March 2015

SUHPI: Southern Utah Home Price Index – March 2015

SUHPI: Southern Utah Home Price Index – March 2015

 Average List Price: $386,358

Median List Price: $289,900

Average Sales Price: $254,506

Median Sales Price: $225,000 

Average Cumulative Days on Market: 100

Median Cumulative Days on Market: 46

SUHPI: Southern Utah Home Price Index – March 2015