New home closings sank 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.

Last year, 39 of 457 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 420 total closings. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $286,100 from $244,178 a year ago. This came after a 3.2% drop in March from a year earlier.

From the year-ago figure of $232,126, the average mortgage size on new homes moved up to $271,372. 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.

The average unit size of newly sold homes went 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 drop from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 20.0% of closings, below 23.9% a year earlier. The percentage of existing home closings involving foreclosures fell 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.

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