Latest Figures Indicate New Home Closings in Lafayette Fall
Posted on: Aug 08, 2014 11:30:44 AM
In the Lafayette, LA market in May, closings of new homes declined year-over-year, and the decline was by a larger percentage than the April 2014. New home closings moved from 9 a year earlier to none after the figure moved from 2 in April 2013 to 1 in April 2014.
New home closings were 3.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 235 total closings. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 15.7% of existing home closings, below 20.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.1% in May from 9.0% a year earlier and REO closings moved from 11.6% of existing home closings in May 2013 to 10.6% in May 2014.
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