In the Lafayette, IN market, closings of new homes slid year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 18 a year earlier to 4 after the figure moved from 28 in August 2014 to 2 in August 2015.
A total of 201 new homes were sold during the 12 months that ended in September, down from 215 for the year that ended in August.
New home closings were 5.8% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 4 of the 295 total closings. Closings of new and existing homes slid year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $245,079, up from $239,390 a year earlier. This was on the heels of a 29.4% boost in August year-over-year.
The average mortgage size on new homes was $207,045, up from $198,661. Average mortgage size on new homes went from $195,136 in August 2014 to $249,121 in August 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 9.6% of closings, below 17.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.8% in September from 8.5% a year earlier while REO closings as a percentage of existing home closings dropped to 4.8% from 8.8% a year earlier.