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.