Closings of new homes in the Louisville, KY market slid year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 65 a year earlier to 13 after the figure moved from 62 in March 2015 to 16 in March 2016.

A total of 389 new homes were sold during the 12 months that ended in April, down from 441 for the year that ended in March.

On a percentage basis, new home closings as a part of total closings decreased to 0.9% from 5.0% a year earlier. Closings of new and existing homes increased year-over-year in April after also rising in March year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $358,218 in April 2016, unchanged from a year ago. This was on the heels of a 4.8% fall in March from a year earlier.

The average mortgage size went down to $283,486 from $294,132 a year earlier. Average mortgage size declined 8.1% in March 2016 from a year earlier.

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 2,518 square feet a year earlier to 2,802 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 15.5% of existing closings, lower than 19.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.6% in April from 6.2% a year earlier while REO closings as a percentage of existing home closings sank to 7.9% from 13.1% a year earlier.

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