New Home Closings and Prices in New Orleans Decrease According to Freshest Figures
Posted on: Jul 06, 2014 07:25:43 AM
The New Orleans, LA market saw a drop in new home closings year-over-year in March, and the percentage drop was steeper than February 2014, suggesting the market may be worsening. There was a 27.5% decline in new home closings from a year earlier. This came on the heels of a 21.1% fall year-over-year in February.
A total of 513 new homes were sold during the 12 months that ended in March, down from 524 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 3.1% of overall housing closings. A year ago, new home closings made up 3.7%. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
Average price of newly sold homes had a 14.6% drop year-over-year to $229,781 per unit in March. This decline compares to a 22.4% lift in February year-over-year.
The average mortgage size on newly sold homes slid year-over-year in contrast to the average price of new homes. In March 2014, the average mortgage size on newly sold homes saw a 10.4% decline from a year earlier. In February 2014, average mortgage size on newly sold homes saw a 20.0% hike year-over-year from a year earlier.