Closings of new homes fell year-over-year in June in the Elizabethtown, KY market, falling after a rise in May 2016. New home closings moved from 12 a year earlier to 5 after the figure moved from 6 in May 2015 to 11 in May 2016.
A total of 87 new homes were sold during the 12 months that ended in June, down from 94 for the year that ended in May.
New home closings were 5 out of the 194 total closings, down on a percentage basis from 12 of 181 a year earlier. For new and existing homes, closings increased year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $205,940, compared with $243,850 last year. This was on the heels of a 24.0% bump in May year-over-year.
Average mortgage size on new homes fell from $240,369 to $196,213. Average mortgage size on new homes went from $193,090 in May 2015 to $229,894 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 15.3% of existing home closings, below 16.6% a year earlier. The percentage of existing home closings involving foreclosures went from 6.5% in June 2015 to 7.4% in June 2016 and REO closings as a percentage of existing home closings declined to 7.9% from 10.1% a year earlier.