New Home Closings and Prices Drop in New Orleans - August 2014
Posted on: Aug 09, 2014 07:01:45 AM
Closings of new homes declined year-over-year in April in the New Orleans, LA market, but the decline was less than the year-over-year decline in March. New home closings moved from 10 a year earlier to 3 after the figure moved from 14 in March 2013 to 4 in March 2014.
A total of 64 new homes were sold during the 12 months that ended in April, down from 71 for the year that ended in March.
New home closings were 3 out of the 1,321 total closings, a move on a percentage basis from 10 of 1,218 a year earlier. After dropping in March from a year earlier, closings of new and existing homes grew year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $154,047, down from $298,744 a year earlier. This came after a 27.5% fall in March from a year earlier.
The average mortgage size moved to $134,293, down from last year's $226,094. Average mortgage size on new homes went from $242,127 in March 2013 to $178,713 in March 2014.