In the New Orleans, LA market in November, new home closings dropped year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 8 a year earlier to none after the figure moved from 12 in October 2014 to 3 in October 2015.
New home closings were none out of the 455 total closings, a move on a percentage basis from 8 of 1,103 a year earlier. Following a year-over-year decline in October, closings of new and existing homes also declined year-over-year in November.
Other Market Trends
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 30.1% of existing closings, lower than 31.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.7% in November from 15.6% a year earlier while REO closings as a percentage of existing home closings climbed to 20.4% from 16.1%.