New home closings in the Lafayette, LA market sank year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 96 a year earlier to 9 after the figure moved from 79 in July 2014 to 13 in July 2015.
A total of 474 new homes were sold during the 12 months that ended in August, down from 561 for the year that ended in July.
New home closings were 23.9% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 9 of the 367 total closings. Following a year-over-year increase in July, closings of new and existing homes slid year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $196,082, down from last year's $236,600. This was on the heels of a 18.9% bump in July year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $212,549 to $187,490. Average mortgage size on new homes went from $206,050 in July 2014 to $245,202 in July 2015.
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 rose in August from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 11.7% of existing home closings, higher than 11.4% a year earlier. The percentage of existing home closings involving foreclosures went from 5.2% in August 2014 to 5.9% in August 2015 and REO closings moved from 6.2% of existing home closings in August 2014 to 5.9% in August 2015.