In January, the New Orleans, LA market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the December 2015. New home closings moved from 30 a year earlier to 9 after the figure moved from 32 in December 2014 to 16 in December 2015.
A total of 279 new homes were sold during the 12 months that ended in January, down from 300 for the year that ended in December.
New home closings were 2.6% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 9 of the 1,023 total closings. After remaining steady in December from a year earlier, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $272,456, down from $360,693 a year earlier. This was on the heels of a 27.5% fall in December from a year earlier.
The average mortgage size went down to $195,140 from $286,153 a year earlier. It went from $297,728 to $296,873 from December 2014 to December 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 25.9% of closings, below 39.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 12.7% in January from 21.0% a year earlier while REO closings as a percentage of existing home closings fell to 13.2% from 18.7% a year earlier.