The Elizabethtown, KY market saw an increase in closings of new homes in September year-over-year,. 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. After dropping in August from a year earlier, closings of new and existing homes gained year-over-year in September.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $262,079 from $190,800 a year ago. This followed a 11.4% hike in August year-over-year.
The average mortgage size on new homes was $259,298, up from $182,178. 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, made up 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 increased to 20.8% from 18.0%.