Freshest Figures Show New Home Prices Gain, Sales Decrease in Indianapolis
Posted on: Apr 06, 2014 07:19:07 AM
In the Indianapolis, IN market, new home closings sank year-over-year in December, but the percentage drop was not as steep as November 2013, suggesting market improvement. Closings slid 17.9% from a year earlier to 224. In comparison, new home closings in the same month last year saw a 22.5% fall year-over-year in November.
A total of 2,832 new homes were sold during the 12 months that ended in December, down from 2,881 for the year that ended in November.
Of 971 total closings, 224 were of new homes. This is an increase on a percentage basis, as new home closings were 9.9% of total closings a year ago. For new and existing homes, closings dropped in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes gained year-over-year 9.0% in December to $291,679 per unit. This gain is smaller than the 14.1% lift in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $246,238 in December, marking a 8.0% boost compared with a year earlier. In November 2013, average mortgage size on newly sold homes saw a 11.6% boost year-over-year from a year earlier.