New home closings in the Lafayette, IN market declined year-over-year in November, 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.
New home closings were 7.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 3 of the 239 total closings. Following a year-over-year decline in October, closings of new and existing homes also fell year-over-year in November.
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 went down to $146,077 from $182,430 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 1,390 square feet a year earlier to 2,103 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 12.7% of existing closings, lower than 20.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.4% in November from 11.8% a year earlier while REO closings as a percentage of existing home closings sank to 6.4% from 8.7% a year earlier.