In the Lafayette, LA market, new home closings sank year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 86 a year earlier to 11 after the figure moved from 63 in January 2015 to 10 in January 2016.
A total of 738 new homes were sold during the 12 months that ended in February, down from 813 for the year that ended in January.
On a percentage basis, new home closings as a part of total closings decreased to 4.9% from 26.6% a year earlier. For new and existing homes, closings dropped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $236,465 last year to $251,975. This came after a 8.6% fall in January from a year earlier.
The average mortgage size went down to $190,358 from $204,111 a year earlier. Average mortgage size went from $211,049 in January 2015 to $212,889 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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 16.4% of existing closings, lower than 18.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.5% in February from 10.5% a year earlier while REO closings as a percentage of existing home closings increased to 9.8% from 7.6%.