In September, there was a drop year-over-year in new home closings in the Shreveport, LA market, but the decline was less than the year-over-year decline in August. New home closings moved from 21 a year earlier to 1 after the figure moved from 41 in August 2014 to none in August 2015.
New home closings were 1 out of the 284 total closings, down on a percentage basis from 21 of 448 a year earlier. Closings of new and existing homes slid year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $248,793, down from $256,484 a year earlier. This came after a.
Average mortgage size on new homes went from $230,428 a year earlier to $248,793.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to rise in September from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings represented 27.2% of existing home closings, up from 22.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.1% in September from 11.7% a year earlier while REO closings as a percentage of existing home closings climbed to 13.1% from 10.8%.