The Shreveport, LA market saw a drop in new home closings year-over-year in June, 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 increase in May, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes rose to $282,208 from last year's $257,192. This was on the heels of a 8.3% decline in May from a year earlier.
The average mortgage size on new homes was $271,565, up from $242,752. Average mortgage size declined 14.2% in May 2016 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 drop from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 17.4% of existing home closings, down from 25.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.3% in June from 12.8% a year earlier while REO closings as a percentage of existing home closings slid to 9.1% from 12.6% a year earlier.