Indianapolis, IN - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: Feb 06, 2012 09:25:15 AM
New home sales increased year-over-year in October in the Indianapolis, IN market, but the increased on a percentage basis less sharlpy than September 2011, showing signs of market stabilization. New home sales increased by 5.7% in October 2011 from a year earlier, after sales saw a 27.7% hike in September from the year earlier.
A total of 2,183 new homes were sold during the 12 months that ended in October, up from 2,174 for the year that ended in September.
Of 1,904 total sales, 166 were of new homes. This is an increase on a percentage basis, as new home sales were 7.2% of total sales a year ago. Following a year-over-year decline in September, sales of new and existing homes also sank year-over-year in October.
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Pricing and Mortgage Trends
In October, there was a 2.6% rise in the average price of newly sold homes year-over-year, reaching $227,018 per unit. This is a swing up from a 3.5% decline in September from a year earlier.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In October 2011, average mortgage size increased 1.5% from a year earlier to $211,076. In September 2011, average mortgage size on newly sold homes saw a 12.9% fall from a year earlier. Of the overall sale price, the percentage that was being financed fell 1.0 percentage points year-over-year to 93.0% in October 2011.
Indianapolis, IN - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: Feb 06, 2012 09:25:15 AM
New home sales increased year-over-year in October in the Indianapolis, IN market, but the increased on a percentage basis less sharlpy than September 2011, showing signs of market stabilization. New home sales increased by 5.7% in October 2011 from a year earlier, after sales saw a 27.7% hike in September from the year earlier.
A total of 2,183 new homes were sold during the 12 months that ended in October, up from 2,174 for the year that ended in September.
Of 1,904 total sales, 166 were of new homes. This is an increase on a percentage basis, as new home sales were 7.2% of total sales a year ago. Following a year-over-year decline in September, sales of new and existing homes also sank year-over-year in October.
Pricing and Mortgage Trends
In October, there was a 2.6% rise in the average price of newly sold homes year-over-year, reaching $227,018 per unit. This is a swing up from a 3.5% decline in September from a year earlier.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In October 2011, average mortgage size increased 1.5% from a year earlier to $211,076. In September 2011, average mortgage size on newly sold homes saw a 12.9% fall from a year earlier. Of the overall sale price, the percentage that was being financed fell 1.0 percentage points year-over-year to 93.0% in October 2011.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home sales have moved from 98.1% of new home sales to 97.6% of sales while attached units have gone from 1.9% of sales to 2.4% of sales.
There was a 34.3% gain year-over-year in the average unit size of newly sold homes to 2,549 square feet in October 2011. This bump was somewhat steeper than the price rise, which was also seen in September 2011 when the average size of new homes sold increased 44.2% to 1,637 square feet from a year earlier.
Foreclosures and real estate owned (REO) sales decreased in October from a year earlier, but remained a drag on the market. Foreclosures and REO sales, taken together, accounted for 44.4% of existing sales, lower than 57.4% a year earlier. The percentage of existing home sales involving foreclosures slipped to 18.1% in October from 25.5% a year earlier while REO sales as a percentage of existing home sales dipped to 26.3% from 31.9% a year earlier.
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Source: Housing Intelligence