Freshest Figures Show New Home Sales Level from Last Year, Prices Fall in New Orleans
Posted on: May 06, 2013 07:25:57 AM
The New Orleans, LA market saw no change in new home closings year-over-year in January, showing signs of leveling out after falling in December from the year earlier. Closings remained steady at 34 after the 4.5% decline in the same month last year.
A total of 367 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
Out of all housing closings, new home closings represented 3.6%. They accounted for 3.4% of closings a year earlier. For new and existing homes, closings fell in January after also declining in December year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw an 8.2% decline year-over-year in January to $217,509 per unit. This decline is a reversal from an 9.0% rise in December year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year in contrast to new home prices. In January 2013, average mortgage size rose 3.8% from a year earlier to $197,476. In December 2012, average mortgage size jumped 10.2% from a year earlier. On average, the percentage of new home sale price that was being financed increased 10.5 percentage points from a year earlier. It moved from 84.9% in December 2011 to 85.8% in January 2012.