The Shreveport, LA market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 42 a year earlier to 6 after the figure moved from 33 in June 2015 to 14 in June 2016.
A total of 202 new homes were sold during the 12 months that ended in July, down from 238 for the year that ended in June.
New home closings were 6 out of the 417 total closings, down on a percentage basis from 42 of 571 a year earlier. Closings of new and existing homes declined year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $252,617, a move from $250,957 a year earlier. This was on the heels of a 18.3% gain in June year-over-year.
Average mortgage size on new homes moved from $230,795 to $229,071. Average mortgage size on new homes went from $242,752 in June 2015 to $288,092 in June 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 July 2016.
The average unit size of newly sold homes rose from 2,249 square feet a year earlier to 2,282 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.5% of closings, below 22.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.1% in July from 10.2% a year earlier while REO closings as a percentage of existing home closings dropped to 11.4% from 12.5% a year earlier.