New Home Sales and Prices Both Rise in Lafayette According to Recent Data
Posted on: Nov 12, 2013 07:24:20 AM
New home closings jumped year-over-year in August in the Lafayette, LA market, and the market showed signals of strengthening as the percentage surge turned out sharper than July 2013. Closings gained 33.8% from a year earlier to 99. This came on the heels of a 22.7% climb year-over-year in July.
A total of 953 new homes were sold during the 12 months that ended in August, up from 928 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 27.7%. This is an increase on a percentage basis, as new home closings were 24.7% of total closings a year ago. For new and existing homes, closings gained year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $217,665 per unit in August, up 10.2%from a year earlier. This lift is smaller than the 11.0% rise in July year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It gained 6.5% in August from a year earlier to $200,760. Average mortgage size gained 14.4% in July 2013 from a year earlier.