In July, there was a decline year-over-year in new home closings in the Elizabethtown, KY market, a decline following a rise in June 2015. New home closings moved from 11 a year earlier to 5 after the figure moved from 5 in June 2014 to 12 in June 2015.
A total of 83 new homes were sold during the 12 months that ended in July, down from 89 for the year that ended in June.
New home closings were 5 out of the 161 total closings, down on a percentage basis from 11 of 206 a year earlier. After rising year-over-year in June, closings of new and existing homes fell year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $198,241 last year to $216,950. This was on the heels of a 27.3% boost in June year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $198,012 to $187,906. Average mortgage size on new homes went from $157,973 in June 2014 to $240,369 in June 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 July 2015.
The average unit size of newly sold homes fell from 2,040 square feet a year earlier to 1,871 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 23.7% of existing closings, lower than 26.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.6% in July from 6.2% a year earlier while REO closings as a percentage of existing home closings dropped to 14.1% from 20.0% a year earlier.