New Home Sales and Prices Drop in Lafayette According to Newest Data
Posted on: Aug 08, 2014 11:30:34 AM
In the Lafayette, IN market, new home closings dropped year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 5 a year earlier to 4 after the figure moved from 3 in April 2013 to 1 in April 2014.
New home closings were 4 out of the 349 total closings, a move on a percentage basis from 5 of 318 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also gained year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $176,429, down from last year's $227,642. This came after a 23.5% decline in April from a year earlier.
The average mortgage size moved to $141,144, down from last year's $190,367. Average mortgage size on new homes went from $120,306 in April 2013 to $92,000 in April 2014.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.