In April, closings of new homes in the Elizabethtown, KY market gained year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 5 a year earlier to 9 after the figure moved from 6 in March 2015 to 4 in March 2016.
A total of 89 new homes were sold during the 12 months that ended in April, up from 85 for the year that ended in March.
New home closings were 9 of the 157 total closings, up on a percentage basis from 5 of 156 a year earlier. After new and existing closings jumped in March year-over-year, they stayed level in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $220,612 from $190,770 a year ago. This came after a 17.2% rise in March year-over-year.
Average mortgage size on new homes increased to $204,128 from $168,835 last year. Average mortgage size on new homes went from $173,795 in March 2015 to $206,533 in March 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 April 2016.
The average unit size of newly sold homes fell from 2,862 square feet a year earlier to 1,432 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 24.3% of existing home closings, below 29.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.1% in April from 11.3% a year earlier while REO closings as a percentage of existing home closings declined to 14.2% from 18.5% a year earlier.