In June, the Shreveport, LA market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the May 2016. New home closings moved from 33 a year earlier to 13 after the figure moved from 27 in May 2015 to 15 in May 2016.
A total of 237 new homes were sold during the 12 months that ended in June, down from 257 for the year that ended in May.
Last year, 33 of 572 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 520 total closings. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $282,208 from $257,192 a year ago. This came after a 8.3% decline in May from a year earlier.
Average mortgage size on new homes went from $242,752 a year earlier to $271,565. In May 2016, average mortgage size on newly sold homes saw a 14.2% fall from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes rose from 2,348 square feet a year earlier to 2,437 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 17.4% of existing home closings, down from 25.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.3% in June from 12.8% a year earlier while REO closings as a percentage of existing home closings fell to 9.1% from 12.6% a year earlier.