In the Shreveport, LA market, new home closings declined year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 41 a year earlier to none after the figure moved from 31 in July 2014 to 6 in July 2015.
New home closings were 8.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 309 total closings. For new and existing homes, closings fell in August after also declining in July year-over-year.
Other Market Trends
There were no new home closings in August 2015, but average size of newly sold homes was 1,810 a year earlier.
Foreclosures and real estate owned (REO) closings continued to increase in August from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, represented 26.9% of existing home closings, up from 24.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.4% in August from 10.2% a year earlier while REO closings as a percentage of existing home closings rose to 19.4% from 14.1%.