New Home Closings and Prices in New Orleans Rise According to Latest Figures
Posted on: Apr 06, 2014 07:29:38 AM
In December, there was an increase in closings of new homes in the New Orleans, LA market year-over-year, but with a rise less sharp than November 2013, there were suggestions the market may be leveling out. New home closings saw a 25.6% jump from a year earlier to 54. This came on the heels of a 78.6% rise year-over-year in November.
A total of 529 new homes were sold during the 12 months that ended in December, up from 518 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 5.3%. This is better than the 4.3% of closings a year earlier. After rising in November from a year earlier, closings of new and existing homes stayed steady in December.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 10.9% in December to $246,545 per unit. This hike is better than the 8.5% boost in November year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In December 2013, the average mortgage size was $227,452, a 16.5% hike from a year earlier. In November 2013, average mortgage size on newly sold homes saw a 25.8% bump year-over-year from a year earlier.