New Home Sales and Prices Both Increase in New Orleans According to Latest Data
Posted on: Feb 11, 2014 07:26:26 AM
The New Orleans, LA market saw a rise in new home closings in October year-over-year, and the market seemed to be signaling strengthening with a percentage surge more robust than September 2013. There was a 80.0% hike in new home closings from a year earlier. This came on the heels of a 54.5% hike year-over-year in September.
A total of 501 new homes were sold during the 12 months that ended in October, up from 477 for the year that ended in September.
Of 1,217 total closings, 54 were of new homes. This is an increase on a percentage basis, as new home closings were 2.7% of total closings a year ago. Following a year-over-year increase in September, closings of new and existing homes also grew year-over-year in October.
Pricing and Mortgage Trends
The average price of new homes was $239,442 per unit in October, up 6.5%from a year earlier. This boost is smaller than the 14.8% rise in September year-over-year.
In October 2013, average mortgage size on newly sold homes moved from $194,174 to $195,265 from October 2012. In September 2013, average mortgage size on newly sold homes saw a 10.5% surge year-over-year from a year earlier.