New Home Closings and Prices in Lafayette Gain According to Recent Figures
Posted on: May 06, 2013 07:19:20 AM
There was an increase in new home closings in the Lafayette, LA market in February year-over-year, and with a more robust gain than January 2013, there are suggestions the market may be strengthening. Closings gained 34.1% from a year earlier to 59, relative to a 3.6% rise in January from the year earlier.
A total of 758 new homes were sold during the 12 months that ended in February, up from 743 for the year that ended in January.
New home closings made up 25.0% of overall housing closings. This marks a rise from 20.2% of total closings a year earlier. Closings of new and existing homes rose year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.8% rise year-over-year to $213,840 per unit in February. This rise follows a move from $191,811 per unit in January 2012 to $193,302 in January 2013.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. It rose 2.1% in February from a year earlier to $194,631. In January 2013, average mortgage size on newly sold homes saw an 11.2% boost year-over-year from a year earlier. For new home closings, the percentage of the sale price that was being financed declined 5.1 percentage points year-over-year to 91.0% in February 2013. This came after an 8.8 percentage point rise in January from a year earlier.