In August, there was a fall year-over-year in new home closings in the Louisville, KY market, and the decline was by a larger percentage than the July 2015. New home closings moved from 60 a year earlier to 14 after the figure moved from 59 in July 2014 to 17 in July 2015.
A total of 315 new homes were sold during the 12 months that ended in August, down from 361 for the year that ended in July.
New home closings were 14 out of the 1,381 total closings, down on a percentage basis from 60 of 1,480 a year earlier. Following a year-over-year rise in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $329,058, down from $342,101 a year earlier. This followed a 13.3% decline in July from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $284,996 to $265,448. Average mortgage size rose 16.8% in July 2015 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 15.1% of closings, below 18.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.8% in August from 8.5% a year earlier while REO closings as a percentage of existing home closings sank to 8.3% from 10.2% a year earlier.