In the Baton Rouge, LA market in October, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the September 2015. New home closings moved from 67 a year earlier to 8 after the figure moved from 70 in September 2014 to 10 in September 2015.
A total of 362 new homes were sold during the 12 months that ended in October, down from 421 for the year that ended in September.
New home closings were 8 out of the 607 total closings, down on a percentage basis from 67 of 907 a year earlier. Closings of new and existing homes sank year-over-year in October after also falling in September year-over-year.
Pricing and Mortgage Trends
The average new home price was $408,923, up from $259,122 a year earlier. This came after a 62.7% bump in September year-over-year.
From the year-ago figure of $232,834, the average mortgage size on new homes moved up to $326,940. Average mortgage size on new homes went from $207,878 in September 2014 to $255,139 in September 2015.
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.
The average unit size of newly sold homes fell from 2,071 square feet a year earlier to 1,188 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in October, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 19.4% of existing home closings, below 26.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.8% in October from 15.4% a year earlier and REO closings moved from 10.8% of existing home closings in October 2014 to 10.5% in October 2015.