New Home Sales and Prices Fall in Elkhart According to Recent Data
Posted on: Aug 08, 2014 11:19:53 AM
In the Elkhart, IN market in April, closings of new homes fell year-over-year, and the decline was by a larger percentage than the March 2014. New home closings moved from 8 a year earlier to 2 after the figure moved from 13 in March 2013 to 5 in March 2014.
A total of 107 new homes were sold during the 12 months that ended in April, down from 113 for the year that ended in March.
New home closings were 2.1% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 2 of the 282 total closings. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $220,506, down from $246,863 a year earlier. This followed a 47.6% decline in March from a year earlier.
The average mortgage size moved to $176,365, down from last year's $197,490. Average mortgage size on new homes went from $261,575 in March 2013 to $144,996 in March 2014.