In the Lafayette, IN market in November, closings of new homes sank year-over-year, but the decline was less than the year-over-year decline in October. New home closings moved from 20 a year earlier to 3 after the figure moved from 32 in October 2014 to 1 in October 2015.
A total of 153 new homes were sold during the 12 months that ended in November, down from 170 for the year that ended in October.
Last year, 20 of 274 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 239 total closings. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $154,266, compared with $222,693 last year. This came after a.
The average mortgage size moved to $146,077, down from last year's $182,430.
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 1,390 square feet a year earlier to 2,103 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 12.7% of closings, below 20.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.4% in November from 11.8% a year earlier while REO closings as a percentage of existing home closings declined to 6.4% from 8.7% a year earlier.