In February, there was a drop year-over-year in new home closings in the Lafayette, IN market, but the decline was less than the year-over-year decline in January. New home closings moved from 23 a year earlier to 1 after the figure moved from 10 in January 2015 to none in January 2016.
New home closings were 1 out of the 175 total closings, down on a percentage basis from 23 of 258 a year earlier. For new and existing homes, closings slid in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $276,250 from last year's $231,487. This was on the heels of a.
The average mortgage size on new homes was $221,000, up from $193,326.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 14.4% of closings, below 22.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.2% in February from 11.9% a year earlier while REO closings as a percentage of existing home closings dropped to 9.2% from 10.2% a year earlier.