In the Lexington, KY market in January, closings of new homes declined year-over-year, but the decline was less than the year-over-year decline in December. New home closings moved from 16 a year earlier to 8 after the figure moved from 36 in December 2014 to 8 in December 2015.
A total of 274 new homes were sold during the 12 months that ended in January, down from 282 for the year that ended in December.
New home closings were 8 out of the 404 total closings, down on a percentage basis from 16 of 357 a year earlier. After dropping in December from a year earlier, closings of new and existing homes increased year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $297,350, down from last year's $336,899. This was on the heels of a 3.3% boost in December year-over-year.
The average mortgage size moved to $217,808, down from last year's $285,279. Average mortgage size on new homes went from $254,338 in December 2014 to $260,458 in December 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 2,845 square feet a year earlier to 2,457 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 14.4% of closings, below 14.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.8% in January from 9.1% a year earlier and REO closings moved from 5.6% of existing home closings in January 2015 to 6.6% in January 2016.