In the Lexington, KY market in July, closings of new homes fell year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 28 a year earlier to 7 after the figure moved from 35 in June 2015 to 6 in June 2016.
A total of 158 new homes were sold during the 12 months that ended in July, down from 179 for the year that ended in June.
New home closings were 4.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 7 of the 627 total closings. Closings of new and existing homes declined year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $339,112, an increase from $263,128 a year earlier. This came after a 25.5% lift in June year-over-year.
Average mortgage size on new homes rose from $226,626 to $323,931. Average mortgage size on new homes went from $240,168 in June 2015 to $298,193 in June 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 rose from 2,340 square feet a year earlier to 3,249 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 8.2% of existing closings, lower than 9.2% a year earlier. The percentage of existing home closings involving foreclosures went from 3.5% in July 2015 to 3.7% in July 2016 and REO closings as a percentage of existing home closings sank to 4.5% from 5.7% a year earlier.