In February, there was a fall year-over-year in new home closings in the New Orleans, LA market, but the decline was less than the year-over-year decline in January. New home closings moved from 26 a year earlier to 10 after the figure moved from 49 in January 2015 to 12 in January 2016.
A total of 326 new homes were sold during the 12 months that ended in February, down from 342 for the year that ended in January.
New home closings were 2.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 10 of the 1,083 total closings. Closings of new and existing homes rose year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $225,700, down from $474,454 a year earlier. This came after a 2.9% drop in January from a year earlier.
The average mortgage size moved to $215,839, down from last year's $328,699. Average mortgage size on new homes went from $257,806 in January 2015 to $234,602 in January 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 declined in February from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 25.8% of existing closings, lower than 28.8% a year earlier. The percentage of existing home closings involving foreclosures went from 10.5% in February 2015 to 11.0% in February 2016 and REO closings as a percentage of existing home closings fell to 14.8% from 18.2% a year earlier.