In August, there was a drop year-over-year in new home closings in the New Orleans, LA market, but the decline was less than the year-over-year decline in July. New home closings moved from 11 a year earlier to 3 after the figure moved from 16 in July 2014 to 1 in July 2015.
A total of 110 new homes were sold during the 12 months that ended in August, down from 118 for the year that ended in July.
3 of the 627 total closings were new home closings, a shift on a percentage basis from 11 out of 1,252 a year earlier. Closings of new and existing homes fell year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $267,967, down from $449,217 a year earlier. This was on the heels of a 5.3% fall in July from a year earlier.
Average mortgage size on new homes fell from $371,399 to $271,881.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to increase in August from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 30.0% of existing home closings, up from 25.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.7% in August from 11.9% a year earlier while REO closings as a percentage of existing home closings gained to 19.2% from 13.8%.