Washington County continues to outperform the rest of the State in median home price increases. Starting in May of 2012, Southern Utah started showing year-over-year price increases. Those price increases have accelerated since with the most recent six month average showing 10% price increases and September 2012 showing 25% price gains compared with 2011. Washington County lead the State into the housing recession. It is now leading the State out of the housing recession.
Closed sales fell 28% in the month of September compared with September 2011 as a result of an acute inventory shortage. Pending home sales fell from 298 units to 229 units from August to September and the inventory of homes for sale only increased by 27 units.
New construction continues to be a bright spot with 84 permits pulled in September bringing the total for 2012 in Washington County to 855 compared with 539 over the same period last year. We see new construction remaining a significant part of the housing picture for the foreseeable future.
Please download a copy of our report HERE.
