In the Lafayette, IN market, closings of new homes slid year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 36 a year earlier to 3 after the figure moved from 20 in November 2014 to 3 in November 2015.
A total of 120 new homes were sold during the 12 months that ended in December, down from 153 for the year that ended in November.
New home closings were 3 out of the 290 total closings, down on a percentage basis from 36 of 309 a year earlier. Closings of new and existing homes sank year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $160,817, down from $243,623 a year earlier. This followed a 30.7% decline in November from a year earlier.
The average mortgage size moved to $133,653, down from last year's $202,856. Average mortgage size on new homes went from $182,430 in November 2014 to $146,077 in November 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.
The average unit size of newly sold homes rose from 1,703 square feet a year earlier to 1,776 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 7.7% of closings, below 13.9% a year earlier. The percentage of existing home closings involving foreclosures went from 2.2% in December 2014 to 1.7% in December 2015 and REO closings as a percentage of existing home closings slid to 5.9% from 11.7% a year earlier.