New home closings in the Shreveport, LA market declined year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 17 a year earlier to 2 after the figure moved from 19 in January 2015 to 2 in January 2016.
A total of 151 new homes were sold during the 12 months that ended in February, down from 166 for the year that ended in January.
New home closings represented 2 out of the 228 total closings, which is a smaller percentage than the 17 of 373 total closings a year earlier. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $198,000, compared with $327,124 last year. This followed a 40.4% rise in January year-over-year.
There was a decline in average mortgage size on new homes, going from $265,633 last year to $162,350 in February 2016. Average mortgage size on new homes went from $230,128 in January 2015 to $335,224 in January 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 February 2016.
The average unit size of newly sold homes fell from 2,583 square feet a year earlier to 1,888 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 29.2% of existing home closings, up from 22.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.5% in February from 7.3% a year earlier while REO closings as a percentage of existing home closings dropped to 13.7% from 14.9% a year earlier.