Newest Numbers For Baton Rouge Show New Home Closings and Prices Climb
Posted on: Apr 06, 2014 07:03:44 AM
In the Baton Rouge, LA market, new home closings grew year-over-year in December, and the percentage rise was higher than November 2013, implying the market may be improving. New home closings saw a hike of 47.7% from the year earlier to 96. In comparison, new home closings in the same month last year saw a 29.4% rise year-over-year in November.
A total of 1,034 new homes were sold during the 12 months that ended in December, up from 1,003 for the year that ended in November.
New home closings accounted for 15.3% of overall housing closings. This is an increase on a percentage basis, as new home closings were 10.0% of total closings a year ago. For new and existing homes, closings fell in December after also declining in November year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price jumped 4.8% year-over-year in December to $223,774 per unit. This hike is better than the 4.3% boost in November year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. It increased to $198,851 in December, a 6.8% lift. Average mortgage size gained 11.9% in November 2013 from a year earlier.