Recent Figures Show New Home Sales Increase in Baton Rouge, Prices Decrease
Posted on: Dec 06, 2013 07:04:12 AM
The Baton Rouge, LA market saw an increase in closings of new homes in August year-over-year, and the percentage bump that was sharper than July 2013 seems to indicate improving market conditions. New home closings saw a 38.0% rise from a year earlier to 109. In comparison, new home closings in the same month last year saw a 6.7% hike year-over-year in July.
A total of 1,028 new homes were sold during the 12 months that ended in August, up from 998 for the year that ended in July.
Out of all housing closings, new home closings accounted for 11.5%. A year ago, new home closings accounted for 10.6%. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in August was $222,603 per unit, down 3.2% from a year earlier. This drop follows a move from $224,517 per unit in July 2012 to $225,035 in July 2013.
The average mortgage size on newly sold homes saw a hike year-over-year in contrast to new home prices. The average mortgage size rose to $205,887 in August, marking a 1.3% hike compared with a year earlier. In July 2013, average mortgage size on newly sold homes saw a 6.7% lift year-over-year from a year earlier.