In March, there was a drop year-over-year in new home closings in the Elizabethtown, KY market, and the decline was by a larger percentage than the February 2016. New home closings moved from 6 a year earlier to 4 after the figure moved from 6 in February 2015 to 5 in February 2016.
A total of 85 new homes were sold during the 12 months that ended in March, down from 87 for the year that ended in February.
New home closings were 4 out of the 168 total closings, down on a percentage basis from 6 of 142 a year earlier. After dropping in February from a year earlier, closings of new and existing homes gained year-over-year in March.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $205,866 from $175,608 a year ago. This was on the heels of a 5.3% decline in February from a year earlier.
Average mortgage size on new homes increased to $206,533 from $173,795 last year. Average mortgage size on new homes went from $223,253 in February 2015 to $237,563 in February 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 March 2016.
The average unit size of newly sold homes fell from 1,838 square feet a year earlier to 1,814 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings represented 40.9% of existing home closings, above 29.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.6% in March from 8.1% a year earlier while REO closings as a percentage of existing home closings increased to 26.2% from 21.3%.