New Home Closings and Prices Drop in Lafayette - July 2014
Posted on: Jul 08, 2014 07:01:27 AM
Closings of new homes dropped year-over-year in April in the Lafayette, IN market, but there were hints the market may be stabilizing with a percentage fall less steep as in March 2014. Closings slid 32.1% from a year earlier to 19. This came after a 41.4% fall year-over-year in March.
A total of 335 new homes were sold during the 12 months that ended in April, down from 344 for the year that ended in March.
Out of all housing closings, new home closings represented 6.6%. This is down from the a year earlier when new home closings made up 9.6% of total closings. Following a year-over-year increase in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
In April, the average price for new home closings was $232,924, a 7.5% drop from last year. This drop is a drop off from the 14.1% fall in March from a year earlier.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. Average mortgage size declined 9.8% to $192,240 in April from a year earlier. In March 2014, average mortgage size on newly sold homes saw a 15.1% drop from a year earlier.