In the Lexington, KY market in December, new home closings dropped year-over-year, and the decline was by a larger percentage than the November 2015. New home closings moved from 36 a year earlier to 8 after the figure moved from 22 in November 2014 to 5 in November 2015.
A total of 282 new homes were sold during the 12 months that ended in December, down from 310 for the year that ended in November.
New home closings represented 8 out of the 321 total closings, which is a smaller percentage than the 36 of 585 total closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes fell year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $325,467, up from $314,944 a year earlier. This followed a 64.7% surge in November year-over-year.
From the year-ago figure of $254,338, the average mortgage size on new homes moved up to $260,458. Average mortgage size on new homes went from $242,865 in November 2014 to $296,200 in November 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,743 square feet a year earlier to 2,535 square feet.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 13.4% of existing home closings, higher than 12.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.0% in December from 5.5% a year earlier while REO closings as a percentage of existing home closings sank to 5.4% from 6.9% a year earlier.