In the Lexington, KY market in June, new home closings sank year-over-year, 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 represented 6 out of the 764 total closings, which is a smaller percentage than the 35 of 849 total closings a year earlier. Following a year-over-year rise in May, closings of new and existing homes fell year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes rose to $347,826 from last year's $277,091. This came after a 14.9% drop in May from a year earlier.
The average mortgage size on new homes was $298,193, up from $240,168. 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 drop from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 4.6% of 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.