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Indianapolis, IN - Recent Figures for New Home Sales Fall Year-Over-Year in January After Climbing Year-Over-Year in December

Posted on: May 07, 2012 09:17:53 AM

Sales of new homes in the Indianapolis, IN market slipped year-over-year in January, swinging downward off a year-over-year lift in December 2011. New home sales saw an 8.1% decline from a year earlier to 91. This followed a 20.0% boost year-over-year in December.

A total of 2,373 new homes were sold during the 12 months that ended in January, down from 2,381 for the year that ended in December.

As a percentage of overall housing sales, new home sales accounted for 4.4%, less than the 5.4% of sales a year earlier. Following a year-over-year increase in December, sales of new and existing homes also grew year-over-year in January.

Pricing and Mortgage Trends

The average per-unit value of new homes declined year-over-year to $228,141 in January, a decline of 9.4% from a year earlier. This decline is larger than the 5.9% decline in December from a year earlier.

Average mortgage size on new homes declined year-over-year in contrast to new home prices. In January 2012, there was an 8.7% decline in the average mortgage size on new homes to $197,926. In December 2011, average mortgage size on newly sold homes saw a 4.6% decline from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 86.8% from a year earlier figure of 86.2%. In December 2011, the figure saw a 1.2 percentage point rise from the year earlier.

Other Market Trends

Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes climbed from 92.9% in January 2011 to 97.8% of sales in January 2012. Conversely, the share of new home sales belonging to attached units slid to 2.2% of sales from 7.1% of sales.

The average unit size of newly sold homes sank 22.6% year-over-year to 2,255 square feet in January 2012.

Foreclosures and real estate owned (REO) sales stayed steady in January from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, made up 54.2% of existing sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures rose to 32.4% in January from 25.2% a year earlier while REO sales as a percentage of existing home sales fell to 21.8% from 28.4% a year earlier.

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