In the Terre Haute, IN market, new home closings slid year-over-year in April, falling after remaining level in March from the year earlier. Closings stood at 1 in April after being 2 a year earlier and remaining unchanged at 2 in March from a year earlier.
New home closings were 1 out of the 194 total closings, a move on a percentage basis from 2 of 188 a year earlier. Closings of new and existing homes grew year-over-year in April following a fall in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2013 was $203,840, down from last year's $310,500. This came after a 51.8% drop in March from a year earlier.
Average mortgage size on new homes fell from $248,400 to $208,000. Average mortgage size on new homes went from $88,500 in March 2012 to $78,321 in March 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in April 2013.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 25.4% of existing home closings, below 30.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.4% in April from 14.5% a year earlier while REO closings as a percentage of existing home closings declined to 13.0% from 16.1% a year earlier.
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