Closings of new homes in the Elizabethtown, KY market remained unchanged year-over-year in August, staying relatively stable after having decreased year-over-year in July. Closings remained level at 14 from a year earlier after the figure moved from 11 in July 2014 to 5 in July 2015.
A total of 83 new homes were sold during the 12 months that ended in August, equal to the number of new homes sold for the year that ended in July.
14 of the 199 total closings were new home closings, a shift on a percentage basis from 14 out of 210 a year earlier. Following a year-over-year decline in July, closings of new and existing homes also slid year-over-year in August.
Pricing and Mortgage Trends
The average new home value went from $223,739 last year to $249,162. This came after a 9.4% bump in July year-over-year.
The average mortgage size on new homes was $249,481, up from $219,349. Average mortgage size on new homes went from $198,012 in July 2014 to $187,906 in July 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 August 2015.
The average unit size of newly sold homes fell from 2,101 square feet a year earlier to 1,090 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 24.9% of existing home closings, down from 49.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.8% in August from 38.8% a year earlier while REO closings as a percentage of existing home closings grew to 14.1% from 10.7%.