Lafayette, IN - Latest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:21:36 AM
In the Lafayette, IN market in February, sales of new homes jumped year-over-year, but the increase was less than January 2012. New home sales moved from 14 a year earlier to 18 after the figure moved from 11 in January 2011 to 17 in January 2012.
A total of 347 new homes were sold during the 12 months that ended in February, up from 343 for the year that ended in January.
New home sales were 18 out of 179 total sales, making up 10.1%. This is up on a percentage basis from 14 of 161 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also grew year-over-year in February.
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Pricing and Mortgage Trends
The average new home price was $249,397 in February 2012, up from $188,061 a year earlier. This was on the heels of a 31.4% fall in January from a year earlier.
Average mortgage size on new homes rose from $156,127 to $201,034. Average mortgage size on new homes went from $327,774 in January 2011 to $184,261 in January 2012.
Lafayette, IN - Latest Figures for New Home Sales Suggest Market Climb Losing Steam
Posted on: May 07, 2012 09:21:36 AM
In the Lafayette, IN market in February, sales of new homes jumped year-over-year, but the increase was less than January 2012. New home sales moved from 14 a year earlier to 18 after the figure moved from 11 in January 2011 to 17 in January 2012.
A total of 347 new homes were sold during the 12 months that ended in February, up from 343 for the year that ended in January.
New home sales were 18 out of 179 total sales, making up 10.1%. This is up on a percentage basis from 14 of 161 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also grew year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $249,397 in February 2012, up from $188,061 a year earlier. This was on the heels of a 31.4% fall in January from a year earlier.
Average mortgage size on new homes rose from $156,127 to $201,034. Average mortgage size on new homes went from $327,774 in January 2011 to $184,261 in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales continued to rise in February from a year earlier and remained a drag on the market. Foreclosures and REO sales, taken together, represented 33.5% of existing home sales, up from 20.4% a year earlier. The percentage of existing home sales involving foreclosures rose to 19.9% in February from 2.0% a year earlier while REO sales as a percentage of existing home sales declined to 13.7% from 18.4% a year earlier.
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Source: Housing Intelligence