Freshest Figures Show New Home Prices Increase, Sales Decline in Baton Rouge
Posted on: Jul 06, 2014 07:03:04 AM
In the Baton Rouge, LA market in March, closings of new homes fell year-over-year, and the percentage drop was steeper than February 2014, giving suggestion the market may be worsening. New home closings saw a 35.6% decline from a year earlier to 67. This followed a 4.2% drop year-over-year in February.
A total of 988 new homes were sold during the 12 months that ended in March, down from 1,025 for the year that ended in February.
New home closings accounted for 10.4% of overall housing closings. This is down from the a year earlier when new home closings accounted for 12.3% of total closings. Following a year-over-year decline in February, closings of new and existing homes also dropped year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes climbed year-over-year to $222,882 in March, up 8.7% from last year. This lift is higher than the 4.9% rise in February year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $207,288 in March, marking a 8.3% bump compared with a year earlier. It went from $194,051 to $194,803 from February 2013 to February 2014.