In the New Orleans, LA market, closings of new homes fell year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 42 a year earlier to 10 after the figure moved from 26 in February 2015 to 10 in February 2016.
A total of 294 new homes were sold during the 12 months that ended in March, down from 326 for the year that ended in February.
Last year, 42 of 1,372 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 1,344 total closings. After rising year-over-year in February, closings of new and existing homes dropped year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $331,903, compared with $350,541 last year. This followed a 52.4% decline in February from a year earlier.
The average mortgage size moved to $208,031, down from last year's $256,401. Average mortgage size on new homes went from $328,699 in February 2015 to $215,839 in February 2016.
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 continued to fall from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 24.3% of closings, below 28.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.6% in March from 12.4% a year earlier while REO closings as a percentage of existing home closings dropped to 13.6% from 16.0% a year earlier.