The Elizabethtown, KY market saw a rise in new home closings in July year-over-year, rebounding from a year-over-year decline in June 2016. New home closings moved from 6 a year earlier to 8 after the figure moved from 12 in June 2015 to 5 in June 2016.
A total of 89 new homes were sold during the 12 months that ended in July, up from 87 for the year that ended in June.
8 of the 176 total closings were new home closings, a shift on a percentage basis from 6 out of 163 a year earlier. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $187,350, down from $199,792 a year earlier. This came after a 15.5% drop in June from a year earlier.
The average mortgage size went down to $159,959 from $175,588 a year earlier. Average mortgage size on new homes went from $240,369 in June 2015 to $196,213 in June 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 14.9% of existing home closings, below 24.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.3% in July from 10.2% a year earlier while REO closings as a percentage of existing home closings dropped to 6.5% from 14.0% a year earlier.