Newest Figures Show New Home Prices Increase, Sales Drop in Indianapolis
Posted on: Mar 06, 2014 07:19:22 AM
In the Indianapolis, IN market, new home closings declined year-over-year in November, a downhill move after a rise in October 2013. Closings slumped 26.0% from a year earlier to 191. In comparison, new home closings in the same month last year saw a 2.3% jump year-over-year in October.
A total of 2,762 new homes were sold during the 12 months that ended in November, down from 2,829 for the year that ended in October.
New home closings represented 20.0% of overall housing closings. This is a surge from 8.8% of closings a year earlier. Closings of new and existing homes fell year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $294,400 per unit in November, up 14.1%from a year earlier. This gain is smaller than the 16.2% boost in October year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. In November 2013, there was a 11.6% hike in the average mortgage size, reaching $248,665. In October 2013, average mortgage size on newly sold homes saw a 14.5% surge year-over-year from a year earlier.