New Home Closings and Prices in Indianapolis Rise According to Newest Figures
Posted on: May 06, 2013 07:16:45 AM
In January, closings of new homes jumped year-over-year in the Indianapolis, IN market, and there were signs of strengthening market conditions as the percentage surge was sharper than December 2012. New home closings saw a boost of 40.4% from the year earlier to 132 after closings rose 9.1% in December from the year earlier.
A total of 2,505 new homes were sold during the 12 months that ended in January, up from 2,467 for the year that ended in December.
Of 2,094 total closings, 132 were of new homes. This is up from the 4.0% of closings a year earlier. After rising year-over-year in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes rose 7.5% year-over-year to $249,977 per unit. This rise is smaller than the 14.2% gain in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size saw a 6.0% rise year-over-year to $214,397 in January. Average mortgage size grew 12.0% in December 2012 from a year earlier. For new home closings, the percentage of the sale price that was being financed fell 1.2 percentage points year-over-year to 85.8% in January 2013.