The New Orleans, LA market saw a drop in new home closings year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 41 a year earlier to 13 after the figure moved from 42 in March 2015 to 10 in March 2016.
A total of 266 new homes were sold during the 12 months that ended in April, down from 294 for the year that ended in March.
Last year, 41 of 1,468 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 1,370 total closings. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $297,079, down from $358,733 a year earlier. This followed a 5.3% drop in March from a year earlier.
There was a decline in average mortgage size on new homes, going from $290,508 last year to $221,849 in April 2016. Average mortgage size on new homes went from $256,401 in March 2015 to $208,031 in March 2016.
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 continued to decline from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 22.0% of closings, below 27.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.0% in April from 12.3% a year earlier while REO closings as a percentage of existing home closings fell to 13.9% from 15.1% a year earlier.