Prices of New Homes Climb in Indianapolis, Sales Fall According to Latest Data
Posted on: Jul 06, 2014 07:16:35 AM
The Indianapolis, IN market saw a drop in new home closings year-over-year in March, but there were signals the market may be evening out with a percentage drop less steep as in February 2014. Closings declined 9.8% from a year earlier to 203. In comparison, new home closings in the same month last year saw a 26.8% drop year-over-year in February.
A total of 2,883 new homes were sold during the 12 months that ended in March, down from 2,905 for the year that ended in February.
Out of all housing closings, new home closings accounted for 17.5%. This marks a rise from 6.2% of total closings a year earlier. Closings of new and existing homes sank year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $319,245 per unit in March, up 19.7%from a year earlier. This lift is better than the 6.8% rise in February year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $266,251 in March, marking a 16.7% gain compared with a year earlier. Average mortgage size increased 5.9% in February 2014 from a year earlier.