In November, there was a decline year-over-year in new home closings in the Lexington, KY market, and the decline was by a larger percentage than the October 2015. New home closings moved from 22 a year earlier to 5 after the figure moved from 35 in October 2014 to 30 in October 2015.
A total of 310 new homes were sold during the 12 months that ended in November, down from 327 for the year that ended in October.
New home closings represented 5 out of the 270 total closings, which is a smaller percentage than the 22 of 217 total closings a year earlier. Closings of new and existing homes increased year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $506,670 from $307,698 a year ago. This came after a 18.3% decline in October from a year earlier.
Average mortgage size on new homes increased to $296,200 from $242,865 last year. In October 2015, average mortgage size fell 7.9% 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.
The average unit size of newly sold homes fell from 2,864 square feet a year earlier to 1,843 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 10.6% of existing closings, lower than 20.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.7% in November from 8.2% a year earlier while REO closings as a percentage of existing home closings slid to 4.9% from 11.8% a year earlier.