The Elizabethtown, KY market saw an increase in closings of new homes in April year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 5 a year earlier to 9 after the figure moved from 6 in March 2015 to 4 in March 2016.
A total of 89 new homes were sold during the 12 months that ended in April, up from 85 for the year that ended in March.
New home closings were 9 out of 157 total closings, making up 5.7%. This is up on a percentage basis from 5 of 156 a year earlier. After increasing in March from a year earlier, closings of new and existing homes remained level in April.
Pricing and Mortgage Trends
The average price of new homes was $220,612, an increase from $190,770 a year earlier. This followed a 17.2% rise in March year-over-year.
Average mortgage size on new homes went from $168,835 a year earlier to $204,128. Average mortgage size on new homes went from $173,795 in March 2015 to $206,533 in March 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 April 2016.
The average unit size of newly sold homes fell from 2,862 square feet a year earlier to 1,432 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 24.3% of existing closings, lower than 29.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.1% in April from 11.3% a year earlier while REO closings as a percentage of existing home closings sank to 14.2% from 18.5% a year earlier.