In the Lafayette, LA market in July, closings of new homes slid year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 79 a year earlier to 13 after the figure moved from 68 in June 2014 to 20 in June 2015.
A total of 558 new homes were sold during the 12 months that ended in July, down from 624 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 3.4% from 21.4% a year earlier. After dropping in June from a year earlier, closings of new and existing homes grew year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $265,085, up from $222,981 a year earlier. This came after a 4.5% hike in June year-over-year.
From the year-ago figure of $206,050, the average mortgage size on new homes moved up to $245,202. In June 2015, average mortgage size on newly sold homes saw a 3.8% bump year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 8.6% of existing closings, lower than 14.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.2% in July from 8.6% a year earlier and REO closings moved from 5.8% of existing home closings in July 2014 to 5.4% in July 2015.