Closings of new homes in the Lafayette, LA market sank year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 94 a year earlier to 5 after the figure moved from 91 in June 2015 to 14 in June 2016.
A total of 326 new homes were sold during the 12 months that ended in July, down from 415 for the year that ended in June.
Last year, 94 of 467 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 324 total closings. For new and existing homes, closings slid in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $192,185, down from $263,415 a year earlier. This followed a 12.8% surge in June year-over-year.
Average mortgage size on new homes fell from $238,803 to $182,778. Average mortgage size on new homes went from $226,341 in June 2015 to $267,898 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.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 13.8% of existing home closings, up from 9.1% a year earlier. The percentage of existing home closings involving foreclosures went from 3.8% in July 2015 to 4.1% in July 2016 and REO closings as a percentage of existing home closings climbed to 9.7% from 5.4%.