Closings of new homes declined year-over-year in April in the Shreveport, LA market, but the decline was less than the year-over-year decline in March. New home closings moved from 39 a year earlier to 6 after the figure moved from 40 in March 2015 to 4 in March 2016.
A total of 246 new homes were sold during the 12 months that ended in April, down from 279 for the year that ended in March.
New home closings were 8.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 6 of the 420 total closings. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $286,100, an increase from $244,178 a year earlier. This followed a 3.2% drop in March from a year earlier.
The average mortgage size on new homes was $271,372, up from $232,126. Average mortgage size on new homes went from $237,842 in March 2015 to $228,107 in March 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 April 2016.
There was a move in the average unit size of newly sold homes from 2,532 square feet in April 2015 to 2,517 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 20.0% of existing home closings, below 23.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.5% in April from 12.2% a year earlier and REO closings moved from 11.7% of existing home closings in April 2015 to 11.6% in April 2016.