New home closings increased year-over-year in September in the Elizabethtown, KY market,. Closings stood at 7 in September after being 5 a year earlier and remaining unchanged at 14 in August from a year earlier.

A total of 85 new homes were sold during the 12 months that ended in September, up from 83 for the year that ended in August.

New home closings were 7 out of the 156 total closings, a move on a percentage basis from 5 of 116 a year earlier. Closings of new and existing homes gained year-over-year in September following a fall in August year-over-year.

Pricing and Mortgage Trends

The average price of new homes rose to $262,079 from last year's $190,800. This came after a 11.4% gain in August year-over-year.

Average mortgage size on new homes increased to $259,298 from $182,178 last year. Average mortgage size on new homes went from $219,349 in August 2014 to $249,481 in August 2015.

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 1,280 square feet a year earlier to 1,470 square feet.

Foreclosures and real estate owned (REO) closings continued to rise in September from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, represented 32.2% of existing home closings, higher than 29.7% a year earlier. The percentage of existing home closings involving foreclosures went from 11.7% in September 2014 to 11.4% in September 2015 and REO closings as a percentage of existing home closings grew to 20.8% from 18.0%.

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