Closings of new homes slid year-over-year in April in the Lafayette, LA market, but the decline was less than the year-over-year decline in March. New home closings moved from 92 a year earlier to 10 after the figure moved from 85 in March 2015 to 6 in March 2016.
A total of 578 new homes were sold during the 12 months that ended in April, down from 660 for the year that ended in March.
New home closings were 10 out of the 283 total closings, down on a percentage basis from 92 of 405 a year earlier. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $234,540, compared with $280,276 last year. This followed a 2.4% decline in March from a year earlier.
The average mortgage size moved to $196,441, down from last year's $231,021. Average mortgage size on new homes went from $211,670 in March 2015 to $239,963 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 16.5% of existing closings, lower than 18.2% a year earlier. The percentage of existing home closings involving foreclosures went from 9.9% in April 2015 to 9.5% in April 2016 and REO closings as a percentage of existing home closings dropped to 7.0% from 8.3% a year earlier.