In December, there was a fall year-over-year in new home closings in the Elizabethtown, KY market, falling after a rise in November 2015. New home closings moved from 8 a year earlier to 6 after the figure moved from 7 in November 2014 to 8 in November 2015.
A total of 88 new homes were sold during the 12 months that ended in December, down from 90 for the year that ended in November.
New home closings represented 6 out of the 227 total closings, which is a smaller percentage than the 8 of 132 total closings a year earlier. After dropping in November from a year earlier, closings of new and existing homes rose year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $185,067, compared with $222,238 last year. This followed a 19.7% fall in November from a year earlier.
The average mortgage size went down to $170,922 from $217,836 a year earlier. Average mortgage size on new homes went from $249,133 in November 2014 to $191,422 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 2,216 square feet a year earlier to 1,721 square feet.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 28.5% of closings, below 36.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.1% in December from 20.2% a year earlier and REO closings moved from 16.1% of existing home closings in December 2014 to 15.4% in December 2015.