In June, the Lexington, KY market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the May 2016. New home closings moved from 35 a year earlier to 6 after the figure moved from 21 in May 2015 to 6 in May 2016.
A total of 179 new homes were sold during the 12 months that ended in June, down from 208 for the year that ended in May.
New home closings were 4.1% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 6 of the 764 total closings. After rising year-over-year in May, closings of new and existing homes fell year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $347,826, up from $277,091 a year earlier. This followed a 14.9% drop in May from a year earlier.
Average mortgage size on new homes went from $240,168 a year earlier to $298,193. Average mortgage size on new homes went from $211,687 in May 2015 to $214,721 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,505 square feet a year earlier to 2,779 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 4.6% of existing home closings, below 6.3% a year earlier. The percentage of existing home closings involving foreclosures went from 3.1% in June 2015 to 2.2% in June 2016 and REO closings moved from 3.2% of existing home closings in June 2015 to 2.4% in June 2016.