New home closings in the Lexington, KY market fell year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 18 a year earlier to 8 after the figure moved from 28 in August 2014 to 6 in August 2015.
A total of 84 new homes were sold during the 12 months that ended in September, down from 94 for the year that ended in August.
New home closings were 8 out of the 563 total closings, down on a percentage basis from 18 of 391 a year earlier. Closings of new and existing homes increased year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $291,824, down from $301,163 a year earlier. This followed a 10.3% drop in August from a year earlier.
The average mortgage size on new homes was $270,894, up from $238,998. Average mortgage size on new homes went from $246,149 in August 2014 to $181,713 in August 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 3,623 square feet a year earlier to 1,476 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 8.6% of existing closings, lower than 11.3% a year earlier. The percentage of existing home closings involving foreclosures went from 4.6% in September 2014 to 4.3% in September 2015 and REO closings as a percentage of existing home closings sank to 4.3% from 6.7% a year earlier.