Newest Numbers Show New Home Closings Climb in Lafayette, Prices Decline
Posted on: May 06, 2013 07:19:12 AM
In February, closings of new homes in the Lafayette, IN market gained year-over-year, and the percentage surge was better than January 2013, suggesting the market may be strengthening. New home closings saw a 42.1% boost from a year earlier to 27. This came on the heels of a 33.3% boost year-over-year in January.
A total of 321 new homes were sold during the 12 months that ended in February, up from 313 for the year that ended in January.
As a percentage of overall housing closings, new home closings accounted for 12.7%. This is an increase on a percentage basis, as new home closings were 8.9% of total closings a year ago. Following a year-over-year rise in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average per-unit value of new homes dipped year-over-year to $229,392 in February, a decline of 8.0% from a year earlier. This decline is a drop off from the 13.3% fall in January from a year earlier.
Average mortgage size on new homes slipped year-over-year in contrast to new home prices. In February 2013, there was a 2.8% decline in the average mortgage size on new homes to $195,478. In January 2013, average mortgage size on newly sold homes saw a 12.3% drop from a year earlier. On average, the percentage of new home sale price being financed saw a 4.6 percentage point rise from a year earlier. It moved from 84.3% in January 2012 to 85.2% in February 2012.