In the Lexington, KY market in March, new home closings dropped year-over-year, and the decline was by a larger percentage than the February 2016. New home closings moved from 31 a year earlier to 7 after the figure moved from 24 in February 2015 to 6 in February 2016.
A total of 232 new homes were sold during the 12 months that ended in March, down from 256 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 1.4% from 5.9% a year earlier. Closings of new and existing homes slid year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $260,561, down from $286,919 a year earlier. This came after a 1.1% fall in February from a year earlier.
Average mortgage size on new homes fell from $232,894 to $191,483. Average mortgage size on new homes went from $222,527 in February 2015 to $200,354 in February 2016.
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 2,463 square feet a year earlier to 1,843 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 12.1% of existing closings, lower than 13.5% a year earlier. The percentage of existing home closings involving foreclosures went from 4.2% in March 2015 to 4.5% in March 2016 and REO closings as a percentage of existing home closings fell to 7.6% from 9.3% a year earlier.