In the Lafayette, LA market, new home closings fell year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 92 a year earlier to 10 after the figure moved from 85 in March 2015 to 6 in March 2016.
A total of 578 new homes were sold during the 12 months that ended in April, down from 660 for the year that ended in March.
New home closings were 22.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 10 of the 283 total closings. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $234,540, down from last year's $280,276. This came after a 2.4% decline in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $231,021 to $196,441. Average mortgage size on new homes went from $211,670 in March 2015 to $239,963 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 16.5% of existing home closings, below 18.2% a year earlier. The percentage of existing home closings involving foreclosures went from 9.9% in April 2015 to 9.5% in April 2016 and REO closings as a percentage of existing home closings declined to 7.0% from 8.3% a year earlier.