In the New Orleans, LA market, closings of new homes declined year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 16 a year earlier to 1 after the figure moved from 19 in June 2014 to 2 in June 2015.
A total of 116 new homes were sold during the 12 months that ended in July, down from 131 for the year that ended in June.
1 of the 635 total closings were new home closings, a shift on a percentage basis from 16 out of 1,441 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also sank year-over-year in July.
The average value of newly sold homes in July 2015 was $185,000, down from last year's $195,322. This was on the heels of a more than twofold hike in June year-over-year.
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.
Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings accounted for 31.4% of existing home closings, above 27.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.9% in July from 15.2% a year earlier while REO closings as a percentage of existing home closings grew to 17.5% from 12.7%.