Closings of new homes fell year-over-year in September in the Lafayette, LA market, but the decline was less than the year-over-year decline in August. New home closings moved from 69 a year earlier to 14 after the figure moved from 96 in August 2014 to 9 in August 2015.
A total of 421 new homes were sold during the 12 months that ended in September, down from 476 for the year that ended in August.
New home closings were 14 out of the 313 total closings, down on a percentage basis from 69 of 344 a year earlier. For new and existing homes, closings slid in September after also declining in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $199,225, down from last year's $227,921. This came after a 17.1% decline in August from a year earlier.
Average mortgage size on new homes fell from $192,531 to $181,366. Average mortgage size on new homes went from $212,549 in August 2014 to $187,490 in August 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 14.4% of existing home closings, higher than 14.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.7% in September from 8.0% a year earlier while REO closings as a percentage of existing home closings increased to 7.7% from 6.2%.