In the Elizabethtown, KY market, closings of new homes dropped year-over-year in June, dropping after a year-over-year increase in May 2016. New home closings moved from 12 a year earlier to 5 after the figure moved from 6 in May 2015 to 11 in May 2016.
A total of 87 new homes were sold during the 12 months that ended in June, down from 94 for the year that ended in May.
Last year, 12 of 181 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 194 total closings. Following a year-over-year increase in May, closings of new and existing homes also increased year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $205,940, compared with $243,850 last year. This followed a 24.0% lift in May year-over-year.
There was a decline in average mortgage size on new homes, going from $240,369 last year to $196,213 in June 2016. Average mortgage size on new homes went from $193,090 in May 2015 to $229,894 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 15.3% of existing closings, lower than 16.6% a year earlier. The percentage of existing home closings involving foreclosures went from 6.5% in June 2015 to 7.4% in June 2016 and REO closings as a percentage of existing home closings slid to 7.9% from 10.1% a year earlier.