Closings of new homes dropped year-over-year in December in the Lafayette, LA market, and the decline was by a larger percentage than the November 2015. New home closings moved from 81 a year earlier to 6 after the figure moved from 62 in November 2014 to 5 in November 2015.
A total of 224 new homes were sold during the 12 months that ended in December, down from 299 for the year that ended in November.
New home closings represented 6 out of the 276 total closings, which is a smaller percentage than the 81 of 355 total closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also fell year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $364,968, up from $236,067 a year earlier. This followed a 10.1% fall in November from a year earlier.
Average mortgage size on new homes increased to $267,611 from $215,901 last year. Average mortgage size on new homes went from $212,644 in November 2014 to $237,435 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 17.8% of existing home closings, up from 15.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.3% in December from 6.6% a year earlier and REO closings moved from 8.8% of existing home closings in December 2014 to 8.5% in December 2015.