New home closings slid year-over-year in August 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.
Last year, 60 of 1,480 total closings were new homes, and this percentage saw a decline as new home closings this year made up 14 of the 1,381 total closings. Following a year-over-year rise in July, closings of new and existing homes slid 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 came after a 13.3% fall in July from a year earlier.
There was a decline in average mortgage size on new homes, going from $284,996 last year to $265,448 in August 2015. In July 2015, average mortgage size on newly sold homes saw a 16.8% boost year-over-year 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 drop from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 15.1% of existing closings, lower than 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 dropped to 8.3% from 10.2% a year earlier.