In January, there was a decline year-over-year in new home closings in the Shreveport, LA market, but the decline was less than the year-over-year decline in December. New home closings moved from 19 a year earlier to 2 after the figure moved from 30 in December 2014 to 2 in December 2015.
A total of 163 new homes were sold during the 12 months that ended in January, down from 180 for the year that ended in December.
New home closings represented 2 out of the 195 total closings, which is a smaller percentage than the 19 of 371 total closings a year earlier. Closings of new and existing homes slid year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $360,000 from last year's $256,366. This followed a 12.8% boost in December year-over-year.
The average mortgage size on new homes was $335,224, up from $230,128. Average mortgage size on new homes went from $237,107 in December 2014 to $273,103 in December 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 January 2016.
The average unit size of newly sold homes fell from 2,430 square feet a year earlier to 1,642 square feet.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 31.6% of existing home closings, below 33.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.0% in January from 16.2% a year earlier while REO closings as a percentage of existing home closings stayed level at 17.6%.