The Elizabethtown, KY market saw an increase in closings of new homes in April year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 5 a year earlier to 9 after the figure moved from 6 in March 2015 to 4 in March 2016.
A total of 89 new homes were sold during the 12 months that ended in April, up from 85 for the year that ended in March.
New home closings were 9 out of 157 total closings, making up 5.7%. This is up on a percentage basis from 5 of 156 a year earlier. After new and existing closings jumped in March year-over-year, they stayed level in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $220,612 from $190,770 a year ago. This followed a 17.2% boost in March year-over-year.
Average mortgage size on new homes went from $168,835 a year earlier to $204,128. Average mortgage size on new homes went from $173,795 in March 2015 to $206,533 in March 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 April 2016.
The average unit size of newly sold homes fell from 2,862 square feet a year earlier to 1,432 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 24.3% of closings, below 29.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.1% in April from 11.3% a year earlier while REO closings as a percentage of existing home closings slid to 14.2% from 18.5% a year earlier.