Recent Numbers For Baton Rouge Show New Home Closings and Prices Climb
Posted on: May 06, 2013 07:03:18 AM
In the Baton Rouge, LA market in January, closings of new homes increased year-over-year, bouncing back from a decline in December 2012. Closings rose 1.9% from a year earlier to 54, relative to a 7.9% decline in December from the year earlier.
A total of 888 new homes were sold during the 12 months that ended in January, up from 887 for the year that ended in December.
Of the total number of closings, new home closings made up 10.1%. A year earlier, new home closings accounted for 10.3% of total closings. For new and existing homes, closings rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes increased to $224,869 per unit, a 6.8% rise year-over-year. This is a turnaround from the 6.2% decline in December from a year earlier.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. Average mortgage size increased 1.7% to $196,876 in January from a year earlier. Average mortgage size slipped 8.1% in December 2012 from a year earlier. Of the overall sale price, the percentage that was being financed dipped 4.4 percentage points year-over-year to 87.6% in January 2013.
Recent Numbers For Baton Rouge Show New Home Closings and Prices Climb
Posted on: May 06, 2013 07:03:18 AM
In the Baton Rouge, LA market in January, closings of new homes increased year-over-year, bouncing back from a decline in December 2012. Closings rose 1.9% from a year earlier to 54, relative to a 7.9% decline in December from the year earlier.
A total of 888 new homes were sold during the 12 months that ended in January, up from 887 for the year that ended in December.
Of the total number of closings, new home closings made up 10.1%. A year earlier, new home closings accounted for 10.3% of total closings. For new and existing homes, closings rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes increased to $224,869 per unit, a 6.8% rise year-over-year. This is a turnaround from the 6.2% decline in December from a year earlier.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. Average mortgage size increased 1.7% to $196,876 in January from a year earlier. Average mortgage size slipped 8.1% in December 2012 from a year earlier. Of the overall sale price, the percentage that was being financed dipped 4.4 percentage points year-over-year to 87.6% in January 2013.
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 2013. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 36.6% of closings. They accounted for 43.3% in January 2012. The percentage of existing home closings involving foreclosures rose to 18.4% in January from 16.2% a year earlier while REO closings as a percentage of existing home closings fell to 18.2% from 27.2% a year earlier.
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Source: Housing Intelligence