The Lafayette, IN market saw a drop in new home closings year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 18 a year earlier to 4 after the figure moved from 28 in August 2014 to 2 in August 2015.
A total of 201 new homes were sold during the 12 months that ended in September, down from 215 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 1.4% from 5.8% a year earlier. Following a year-over-year decline in August, closings of new and existing homes also declined year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes was $245,079, an increase from $239,390 a year earlier. This was on the heels of a 29.4% surge in August year-over-year.
From the year-ago figure of $198,661, the average mortgage size on new homes moved up to $207,045. Average mortgage size on new homes went from $195,136 in August 2014 to $249,121 in August 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 9.6% of existing home closings, down from 17.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.8% in September from 8.5% a year earlier while REO closings as a percentage of existing home closings declined to 4.8% from 8.8% a year earlier.