In the Lafayette, IN market in April, new home closings sank year-over-year, 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 were 5.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 3 of the 199 total closings. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $133,180, down from $235,016 a year earlier. This followed a.
The average mortgage size went down to $125,683 from $198,411 a year earlier.
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 fall from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 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 declined to 5.1% from 8.3% a year earlier.