In the Shreveport, LA market in September, new home closings slid year-over-year, but the decline was less than the year-over-year decline in August. New home closings moved from 21 a year earlier to 1 after the figure moved from 41 in August 2014 to none in August 2015.
New home closings were 4.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 284 total closings. For new and existing homes, closings declined in September after also declining in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $248,793, down from $256,484 a year earlier. This was on the heels of a.
Average mortgage size on new homes increased to $248,793 from $230,428 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to increase in September from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 27.2% of existing home closings, up from 22.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.1% in September from 11.7% a year earlier while REO closings as a percentage of existing home closings climbed to 13.1% from 10.8%.