New Home Prices Gain in Lafayette According to Recent Figures, Sales Drop
Posted on: Apr 06, 2014 07:21:50 AM
The Lafayette, IN market saw a drop in new home closings year-over-year in January, swinging downward off a year-over-year surge in December 2013. New home closings saw a 40.7% drop from a year earlier to 16. In comparison, new home closings in the same month last year saw a 11.5% hike year-over-year in December.
A total of 371 new homes were sold during the 12 months that ended in January, down from 382 for the year that ended in December.
New home closings accounted for 12.9% of overall housing closings. New home closings were 12.6% of overall closings last year. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes rose year-over-year to $239,607 per unit, a 20.6% rise. This lift compares to a 4.4% fall in December from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2014, the average mortgage size was $206,072, up 22.1% from a year earlier. In December 2013, average mortgage size declined 11.8% from a year earlier.