New home closings sank year-over-year in November in the Lafayette, LA market, and the decline was by a larger percentage than the October 2015. New home closings moved from 62 a year earlier to 5 after the figure moved from 75 in October 2014 to 9 in October 2015.

A total of 299 new homes were sold during the 12 months that ended in November, down from 356 for the year that ended in October.

New home closings were 5 out of the 216 total closings, down on a percentage basis from 62 of 314 a year earlier. Following a year-over-year decline in October, closings of new and existing homes also sank year-over-year in November.

Pricing and Mortgage Trends

The average new home price was $230,320, down from $256,166 a year earlier. This came after a 6.5% decline in October from a year earlier.

From the year-ago figure of $212,644, the average mortgage size on new homes moved up to $237,435. Average mortgage size on new homes went from $225,696 in October 2014 to $215,115 in October 2015.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.

Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 10.9% of existing home closings, above 9.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.6% in November from 5.2% a year earlier and REO closings moved from 4.8% of existing home closings in November 2014 to 4.3% in November 2015.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Lafayette, LA area.