Newest Figures Show New Home Prices Rise, Sales Drop in Indianapolis
Posted on: Nov 12, 2013 07:21:04 AM
New home closings in the Indianapolis, IN market declined year-over-year in July, swinging downward off a year-over-year gain in June 2013. New home closings saw a drop of 8.8% from the year earlier to 197. In comparison, new home closings in the same month last year saw a 16.7% climb year-over-year in June.
A total of 2,658 new homes were sold during the 12 months that ended in July, down from 2,677 for the year that ended in June.
New home closings accounted for 9.6% of overall housing closings. This is a boost from 6.7% of closings a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 15.2% surge year-over-year to $282,220 per unit in July. This hike is better than the 14.2% gain in June year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. It jumped to $239,376 in July, a 14.8% rise. In June 2013, average mortgage size on newly sold homes saw a 14.5% gain year-over-year from a year earlier.