In June, the Lafayette, LA market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in May. New home closings moved from 91 a year earlier to 14 after the figure moved from 96 in May 2015 to 10 in May 2016.
A total of 415 new homes were sold during the 12 months that ended in June, down from 492 for the year that ended in May.
New home closings were 20.5% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 14 of the 374 total closings. For new and existing homes, closings sank in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $286,360 from $253,860 a year ago. This was on the heels of a 33.1% boost in May year-over-year.
Average mortgage size on new homes increased to $267,898 from $226,341 last year. Average mortgage size on new homes went from $234,598 in May 2015 to $306,860 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 16.7% of existing home closings, above 9.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.7% in June from 4.5% a year earlier while REO closings as a percentage of existing home closings rose to 6.9% from 5.4%.