New Home Closings and Prices in Baton Rouge Decline According to Newest Figures
Posted on: Aug 08, 2014 11:09:09 AM
In April, there was a decline year-over-year in new home closings in the Baton Rouge, LA market, and the decline was by a larger percentage than the March 2014. New home closings moved from 21 a year earlier to 3 after the figure moved from 27 in March 2013 to 4 in March 2014.
New home closings represented 3 out of the 764 total closings, which is a smaller percentage than the 21 of 775 total closings a year earlier. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2014 was $152,700, down from last year's $236,839. This was on the heels of a 40.0% drop in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $218,822 to $151,724. Average mortgage size on new homes went from $205,917 in March 2013 to $121,551 in March 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2014.