New home closings dropped year-over-year in April in the Louisville, KY market, and the decline was by a larger percentage than the March 2016. New home closings moved from 65 a year earlier to 13 after the figure moved from 62 in March 2015 to 16 in March 2016.

A total of 389 new homes were sold during the 12 months that ended in April, down from 441 for the year that ended in March.

New home closings were 13 out of the 1,392 total closings, down on a percentage basis from 65 of 1,308 a year earlier. Closings of new and existing homes climbed year-over-year in April after also rising in March year-over-year.

Pricing and Mortgage Trends

The average new home price was $358,218 in April 2016, same as a year earlier. This was on the heels of a 4.8% decline in March from a year earlier.

The average mortgage size went down to $283,486 from $294,132 a year earlier. In March 2016, average mortgage size on newly sold homes saw a 8.1% drop from a year earlier.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes rose from 2,518 square feet a year earlier to 2,802 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 15.5% of closings, below 19.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.6% in April from 6.2% a year earlier while REO closings as a percentage of existing home closings declined to 7.9% from 13.1% a year earlier.

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