(St. George, UT– January 25, 2012) The St. George MSA saw slight improvements in production and inventory during 4Q11, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

As of December 2011, the St. George market had lost -400 jobs throughout all of 2012. “This is a significant decrease when compared to the 400 jobs created at this time last year, and worse than the -100 jobs lost during the previous month,” said Eric Allen, director of Metrostudy’s St. George Division. “While the market remains volatile, economic projections for 2012 appear to be more positive, with the recent announcement of potential companies expanding to the area,” said Allen.

The St. George market area started a total of 149 new homes during 4Q11 compared to 92 that were started in 4Q10. Annual starts of new homes decreased 3.8% to 581 when compared to last year’s pace, however this pace has increased 10.9% from last quarter. “While annual new home starts decreased from 2010, starts in 4Q11 improved, a good indication that builders may still have some confidence in the market,” said Allen. There were 161 new home closings during 4Q11, up from 119 during 4Q10. The annual closing pace decreased 22.1% from 4Q10 to a current total of 600, and up from 558 recorded last quarter.

At the end of 2011 the St. George market had 376 new homes in inventory, a decrease of 4.9% compared to last year. Of this total, 271 homes are single-family detached homes, a supply of 6.3 months. Finished vacant inventory continues to decrease and now totals 79 homes, 23.3% fewer than last year. “While detached inventory appears to be well managed, the attached market remains the weak area in housing,” said Allen.

“The consensus among market professionals seems to be that the worst is behind us. Assuming the economy continues with slow improvements, and resale’s, foreclosures and home values remain relatively static, Metrostudy expects builders to continue increasing production through 2012,“ said Allen.

For information contact:
Eric Allen @ 801.571.7700 x424
email: eallen@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.