Prices of New Homes Increase in South Bend, Sales Decline - July 2014
Posted on: Jul 08, 2014 07:03:31 AM
New home closings in the South Bend, IN market dropped year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 5 a year earlier to 4 after the figure moved from 6 in March 2013 to 3 in March 2014.
A total of 95 new homes were sold during the 12 months that ended in April, down from 96 for the year that ended in March.
4 of the 457 total closings were new home closings, a shift on a percentage basis from 5 out of 501 a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $290,487 from $241,246 a year ago. This followed a 49.9% rise in March year-over-year.
Average mortgage size on new homes went from $198,480 a year earlier to $232,390. Average mortgage size on new homes went from $193,381 in March 2013 to $298,619 in March 2014.