Sales of new homes in the Terre Haute, IN market saw no change year-over-year in September, staying flat after dropping year-over-year in August from the year earlier. Sales remained level at two from a year earlier after the figure moved from four in August 2010 to three in August 2011.

A total of 37 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.

Two of the 132 total sales were new home sales, a shift on a percentage basis from two out of 208 a year earlier. Sales of new and existing homes fell year-over-year in September after also falling in August year-over-year.

The average new home price was $180,738 in September 2011, moving north from $125,000 a year earlier. This came after a 8.7% decline in August from a year earlier.

From the year-ago figure of $100,000, the average mortgage size on new homes moved up to $144,591. Average mortgage size on new homes went from $221,890 in August 2010 to $164,867 in August 2011. The overall percentage of sale price that was being financed was relatively unchanged from September 2010 to September 2011 at 80.0%. In August, the figure saw an 18.3 percentage point fall from a year earlier.

There was no change in the composition of the new-home market with regard to the types of properties sold in September 2011. Single-family homes continued to account for all of new home sales.

Foreclosures and real estate owned (REO) sales continued to fall from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO sales represented 12.3% of existing home sales, down from 31.6% a year earlier. The percentage of existing home sales involving foreclosures dropped to 5.4% in September from 18.9% a year earlier while REO sales as a percentage of existing home sales fell to 6.9% from 12.6% a year earlier.

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