The Lafayette, LA market saw a drop in new home closings year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 63 a year earlier to 10 after the figure moved from 95 in December 2014 to 16 in December 2015.
A total of 813 new homes were sold during the 12 months that ended in January, down from 866 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 4.6% from 21.0% a year earlier. For new and existing homes, closings declined in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $229,792, compared with $251,544 last year. This came after a 17.5% surge in December year-over-year.
Average mortgage size on new homes moved from $211,049 to $212,889. In December 2015, average mortgage size dropped 4.9% 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 January 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 12.6% of existing home closings, down from 19.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.3% in January from 11.8% a year earlier while REO closings as a percentage of existing home closings sank to 6.3% from 7.6% a year earlier.