New Home Prices Climb, Sales Decrease in Lafayette - July 2014
Posted on: Jul 08, 2014 07:01:37 AM
The Lafayette, LA market saw a drop in new home closings year-over-year in April, but the percentage decline narrowed from that of March 2014, suggesting that the market may be evening out. New home closings saw a decline of 1.2% from the year earlier to 81. In comparison, new home closings in the same month last year saw a 25.0% decline year-over-year in March.
A total of 989 new homes were sold during the 12 months that ended in April, down from 990 for the year that ended in March.
Of the total number of closings, new home closings made up 24.3%. As a part of the whole, new home closings were 23.9% a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average value of new homes saw a 16.0% lift year-over-year as it grew to $269,026 per unit. This surge is higher than the 15.3% rise in March year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size saw a 15.2% rise year-over-year to $230,703 in April. Average mortgage size rose 9.7% in March 2014 from a year earlier.