Closings of new homes in the Shreveport, LA market declined year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 31 a year earlier to 5 after the figure moved from 20 in June 2014 to 6 in June 2015.
A total of 169 new homes were sold during the 12 months that ended in July, down from 195 for the year that ended in June.
Last year, 31 of 567 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 489 total closings. Following a year-over-year decline in June, closings of new and existing homes also fell year-over-year in July.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $257,250 from $251,614 a year ago. This came after a 7.5% bump in June year-over-year.
Average mortgage size on new homes increased to $240,878 from $208,831 last year. Average mortgage size on new homes went from $211,873 in June 2014 to $250,587 in June 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 July 2015.
There was a move in the average unit size of newly sold homes from 1,864 square feet in July 2014 to 1,853 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 21.1% of existing home closings, below 27.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.1% in July from 15.9% a year earlier and REO closings moved from 11.6% of existing home closings in July 2014 to 12.0% in July 2015.