The Shreveport, LA market saw a drop in new home closings year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 40 a year earlier to 4 after the figure moved from 25 in February 2015 to 4 in February 2016.
A total of 277 new homes were sold during the 12 months that ended in March, down from 313 for the year that ended in February.
Last year, 40 of 462 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 411 total closings. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $248,100, compared with $256,344 last year. This was on the heels of a 31.0% drop in February from a year earlier.
There was a decline in average mortgage size on new homes, going from $237,842 last year to $228,107 in March 2016. Average mortgage size on new homes went from $243,289 in February 2015 to $180,816 in February 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 March 2016.
The average unit size of newly sold homes went from 2,083 square feet in March 2015 to 2,071 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, represented 30.2% of existing home closings, higher than 25.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.5% in March from 10.9% a year earlier while REO closings as a percentage of existing home closings climbed to 15.7% from 14.7%.