Recent Figures Show New Home Sales and Prices Gain in New Orleans
Posted on: Dec 06, 2013 07:33:12 AM
New home closings jumped year-over-year in August in the New Orleans, LA market, and the percentage bump was better than July 2013, suggesting the market may be strengthening. New home closings saw a 54.2% climb from a year earlier to 37. This came on the heels of a 20.0% boost year-over-year in July.
A total of 464 new homes were sold during the 12 months that ended in August, up from 451 for the year that ended in July.
New home closings accounted for 2.9% of overall housing closings. New home closings were 2.4% of overall closings last year. For new and existing homes, closings jumped year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year 8.9% in August to $236,037 per unit. This surge is smaller than the 18.7% bump in July year-over-year.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. In August 2013, average mortgage size slid 3.8% from a year earlier to $194,482. In July 2013, average mortgage size on newly sold homes saw a 11.7% gain year-over-year from a year earlier.