The New Orleans, LA market saw a drop in new home closings year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 11 a year earlier to 3 after the figure moved from 16 in July 2014 to 1 in July 2015.
A total of 110 new homes were sold during the 12 months that ended in August, down from 118 for the year that ended in July.
New home closings were 3 out of the 627 total closings, a move on a percentage basis from 11 of 1,252 a year earlier. For new and existing homes, closings declined in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $267,967, compared with $449,217 last year. This came after a 5.3% fall in July from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $371,399 to $271,881.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, made up 30.0% of existing home closings, higher than 25.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.7% in August from 11.9% a year earlier while REO closings as a percentage of existing home closings gained to 19.2% from 13.8%.