New home closings in the New Orleans, LA market dropped year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 41 a year earlier to 13 after the figure moved from 42 in March 2015 to 10 in March 2016.

A total of 266 new homes were sold during the 12 months that ended in April, down from 294 for the year that ended in March.

New home closings represented 13 out of the 1,370 total closings, which is a smaller percentage than the 41 of 1,468 total closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.

Pricing and Mortgage Trends

The average per-unit price of new homes was $297,079, compared with $358,733 last year. This came after a 5.3% fall in March from a year earlier.

Average mortgage size on newly sold homes saw a decline year-over-year from $290,508 to $221,849. Average mortgage size on new homes went from $256,401 in March 2015 to $208,031 in March 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 April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 22.0% of closings, below 27.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.0% in April from 12.3% a year earlier while REO closings as a percentage of existing home closings declined to 13.9% from 15.1% a year earlier.

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