In the Elizabethtown, KY market, closings of new homes grew year-over-year in November,. Closings stood at 8 in November after being 7 a year earlier and remaining unchanged at 6 in October from a year earlier.
A total of 90 new homes were sold during the 12 months that ended in November, up from 89 for the year that ended in October.
New home closings were 8 out of 120 total closings, making up 6.7%. This is up on a percentage basis from 7 of 131 a year earlier. Following a year-over-year increase in October, closings of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $202,730, down from $252,605 a year earlier. This followed a 52.3% bump in October year-over-year.
Average mortgage size on new homes fell from $249,133 to $191,422. Average mortgage size on new homes went from $145,184 in October 2014 to $187,271 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings continued to increase in November from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, made up 26.8% of existing home closings, higher than a quarter a year earlier. The percentage of existing home closings involving foreclosures sank to 9.8% in November from 13.7% a year earlier while REO closings as a percentage of existing home closings rose to 17.0% from 11.3%.