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.