Newest Figures Show New Home Sales and Prices Rise in Baton Rouge
Posted on: Mar 06, 2014 07:03:28 AM
In the Baton Rouge, LA market in November, new home closings climbed year-over-year, bouncing back from a decline in October 2013. New home closings saw a boost of 29.4% from the year earlier to 88. This came on the heels of a 27.1% drop year-over-year in October.
A total of 996 new homes were sold during the 12 months that ended in November, up from 976 for the year that ended in October.
Of 602 total closings, 88 were of new homes. This is a hike from 10.3% of closings a year earlier. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes jumped year-over-year to $228,401 per unit, a 4.3% gain. This lift is smaller than the 11.9% bump in October year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. The average mortgage size saw a 11.9% surge year-over-year to $207,393 in November. In October 2013, average mortgage size on newly sold homes saw a 11.6% rise year-over-year from a year earlier.