New Home Sales and Prices Drop in Shreveport According to Latest Data
Posted on: May 06, 2013 07:34:20 AM
In February, there was a decline year-over-year in new home closings in the Shreveport, LA market, and the percentage fall was steeper than January 2013. New home closings saw a drop of 31.7% from the year earlier to 28. This came after a 22.2% decline year-over-year in January.
A total of 469 new homes were sold during the 12 months that ended in February, down from 482 for the year that ended in January.
New home closings made up 7.7% of overall housing closings. A year ago, new home closings represented 7.8%. Closings of new and existing homes fell year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes slipped year-over-year to $245,141 per unit, a 2.6% decline. This is a movement south from the 1.0% rise in January year-over-year.
The average mortgage size on newly sold homes dipped year-over-year in contrast to the average price of new homes. In February 2013, average mortgage size on new homes sold was $230,277, down 3.5% from a year earlier. In January 2013, average mortgage size declined 1.1% from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 94.8% of average price to 93.9% from a year earlier. In January 2013, the figure saw a 2.0 percentage point decline from the year earlier.
New Home Sales and Prices Drop in Shreveport According to Latest Data
Posted on: May 06, 2013 07:34:20 AM
In February, there was a decline year-over-year in new home closings in the Shreveport, LA market, and the percentage fall was steeper than January 2013. New home closings saw a drop of 31.7% from the year earlier to 28. This came after a 22.2% decline year-over-year in January.
A total of 469 new homes were sold during the 12 months that ended in February, down from 482 for the year that ended in January.
New home closings made up 7.7% of overall housing closings. A year ago, new home closings represented 7.8%. Closings of new and existing homes fell year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes slipped year-over-year to $245,141 per unit, a 2.6% decline. This is a movement south from the 1.0% rise in January year-over-year.
The average mortgage size on newly sold homes dipped year-over-year in contrast to the average price of new homes. In February 2013, average mortgage size on new homes sold was $230,277, down 3.5% from a year earlier. In January 2013, average mortgage size declined 1.1% from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 94.8% of average price to 93.9% from a year earlier. In January 2013, the figure saw a 2.0 percentage point decline from the year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size grew 14.1% year-over-year to 2,340 square feet in February 2013. For newly sold homes, an average size boost contrasting with an average price decline was also seen in January 2013 when the average size of newly sold homes sank 25.1% to 2,560 square feet.
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 24.3% of existing home closings. In February 2012, they represented 30.7%. The percentage of existing home closings involving foreclosures slipped to 9.8% in February from 14.8% a year earlier while REO closings as a percentage of existing home closings fell to 14.5% from 15.9% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Shreveport, LA area.
Source: Housing Intelligence