Latest Figures Show New Home Sales and Prices Rise in Lafayette
Posted on: Apr 06, 2014 07:21:59 AM
Closings of new homes rose year-over-year in January in the Lafayette, LA market, but the increased on a percentage basis less sharlpy than December 2013, showing signs of market stabilization. New home closings saw a 3.2% boost from a year earlier to 64. This followed a 38.1% rise year-over-year in December.
A total of 999 new homes were sold during the 12 months that ended in January, up from 997 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 27.8%. This marks a rise from 25.1% of total closings a year earlier. After rising year-over-year in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 18.1% in January to $227,205 per unit. This surge follows a move from $224,200 per unit in December 2012 to $224,794 in December 2013.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. In January 2014, the average mortgage size on newly sold homes saw a 7.8% rise from a year earlier. Average mortgage size went from $196,705 in December 2012 to $197,333 in December 2013.