Closings of new homes climbed year-over-year in June in the Indianapolis, IN market, but as the percentage grew less than May 2015, the market seemed to show signs of leveling. New home closings saw a 11.7% hike from a year earlier to 314. This came after a 12.4% boost year-over-year in May.
A total of 3,064 new homes were sold during the 12 months that ended in June, up from 3,031 for the year that ended in May.
As a percentage of overall housing closings, new home closings represented 6.7% of overall housing closings. As a part of the whole, new home closings were 7.1% a year earlier. Following a fall in May year-over-year, closings of new and existing homes increased year-over-year in June.
Pricing and Mortgage Trends
The average value for new homes sold in June 2015 was $292,480, a move from $290,295 a year earlier. This followed a 3.2% rise in May year-over-year.
Average mortgage size on new homes went from $246,409 in June 2014 to $248,860 in June 2015. In May 2015, average mortgage size on newly sold homes saw a 3.5% hike year-over-year from 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. Attached unit closings jumped from 5.3% of all closings in June 2014 to 6.7% of closings in June 2015. At the same time, the share belonging to single-family homes sank to 93.3% of closings from 94.7% of closings.
For all new homes sold, the average unit size slid 29.6% year-over-year to 2,215 square feet in June 2015. The average size of newly sold homes moved from 3,400 square feet in May 2014 to 2,600 square feet in May 2015.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 22.4% of existing home closings, up from 19.4% a year earlier. The percentage of existing home closings involving foreclosures went from 9.8% in June 2014 to 9.6% in June 2015 and REO closings as a percentage of existing home closings rose to 12.7% from 9.6%.