Recent Numbers Show Prices of New Homes Rise in Elkhart, Sales Fall
Posted on: May 06, 2013 07:10:51 AM
The Elkhart, IN market saw a drop in new home closings year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from six a year earlier to five after the figure moved from eight in January 2012 to two in January 2013.
A total of 92 new homes were sold during the 12 months that ended in February, down from 93 for the year that ended in January.
New home closings were five out of 65 total closings, making up 7.7%. This is up on a percentage basis from six of 92 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $277,100 from last year's $200,525. This was on the heels of a 29.4% surge in January year-over-year.
Average mortgage size on new homes increased to $272,192 from $200,730 last year. Average mortgage size on new homes went from $167,563 in January 2012 to $222,745 in January 2013.