Newest Figures Show New Home Prices Rise, Sales Decrease in Indianapolis
Posted on: Aug 08, 2014 11:27:20 AM
In the Indianapolis, IN market in April, new home closings fell year-over-year, a move downward following a boost in March 2014. There was a 28.2% drop in new home closings from a year earlier. This was after the housing market saw a 3.6% hike year-over-year in March.
A total of 2,875 new homes were sold during the 12 months that ended in April, down from 2,936 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 9.6%. This is an increase on a percentage basis, as new home closings were 6.0% of total closings a year ago. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 13.2% gain year-over-year as it grew to $316,373 per unit. This lift is an improvement over the 12.7% rise in March year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In April 2014, the average mortgage size was $264,736, a 11.0% surge from a year earlier. In March 2014, average mortgage size rose 11.6% from a year earlier.