The Shreveport, LA market saw a drop in new home closings year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 27 a year earlier to 13 after the figure moved from 39 in April 2015 to 6 in April 2016.
A total of 232 new homes were sold during the 12 months that ended in May, down from 246 for the year that ended in April.
New home closings were 5.5% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 13 of the 484 total closings. Closings of new and existing homes stayed level after declining in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $253,372, compared with $276,467 last year. This followed a 17.2% hike in April year-over-year.
There was a decline in average mortgage size on new homes, going from $256,696 last year to $214,024 in May 2016. Average mortgage size on new homes went from $232,126 in April 2015 to $271,372 in April 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 May 2016.
The average unit size of newly sold homes fell from 2,606 square feet a year earlier to 2,348 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 20.8% of existing closings, lower than 22.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.4% in May from 9.5% a year earlier and REO closings moved from 12.6% of existing home closings in May 2015 to 13.4% in May 2016.