In April, the Lafayette, IN market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 18 a year earlier to 3 after the figure moved from 19 in March 2015 to none in March 2016.
New home closings represented 3 out of the 199 total closings, which is a smaller percentage than the 18 of 344 total closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $133,180, down from last year's $235,016. This was on the heels of a.
The average mortgage size moved to $125,683, down from last year's $198,411.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,609 square feet a year earlier to 1,947 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 10.7% of existing home closings, below 14.1% a year earlier. The percentage of existing home closings involving foreclosures went from 5.8% in April 2015 to 5.6% in April 2016 and REO closings as a percentage of existing home closings slid to 5.1% from 8.3% a year earlier.