New home closings fell year-over-year in March in the Lafayette, LA market, and the decline was by a larger percentage than the February 2016. New home closings moved from 85 a year earlier to 6 after the figure moved from 86 in February 2015 to 11 in February 2016.
A total of 660 new homes were sold during the 12 months that ended in March, down from 739 for the year that ended in February.
New home closings were 22.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 6 of the 286 total closings. Following a year-over-year decline in February, closings of new and existing homes also declined year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $248,150, down from $254,158 a year earlier. This was on the heels of a 6.6% boost in February year-over-year.
Average mortgage size on new homes rose from $211,670 to $239,963. Average mortgage size on new homes went from $204,111 in February 2015 to $190,358 in February 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 March 2016.
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 18.6% of existing home closings, up from 10.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.1% in March from 4.1% a year earlier while REO closings as a percentage of existing home closings stayed level at 6.4%.