In the Lafayette, IN market in July, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 37 a year earlier to 10 after the figure moved from 27 in June 2014 to 9 in June 2015.
A total of 233 new homes were sold during the 12 months that ended in July, down from 260 for the year that ended in June.
Last year, 37 of 448 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 420 total closings. Following a year-over-year rise in June, closings of new and existing homes sank year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $189,747, compared with $208,709 last year. This came after a 8.6% decline in June from a year earlier.
Average mortgage size on new homes fell from $179,366 to $153,888. Average mortgage size on new homes went from $200,758 in June 2014 to $187,597 in June 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 1,110 square feet a year earlier to 1,379 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 9.5% of closings, below 13.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.1% in July from 6.6% a year earlier while REO closings as a percentage of existing home closings slid to 5.4% from 7.1% a year earlier.