The Elizabethtown, KY market saw no change in new home closings year-over-year in January, staying flat after dropping year-over-year in December from the year earlier. Closings remained level at 5 from a year earlier after the figure moved from 8 in December 2014 to 6 in December 2015.
A total of 88 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
5 of the 111 total closings were new home closings, a shift on a percentage basis from 5 out of 134 a year earlier. Following a year-over-year increase in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $179,692, compared with $284,880 last year. This came after a 16.7% fall in December from a year earlier.
The average mortgage size went down to $181,069 from $271,516 a year earlier. Average mortgage size on new homes went from $217,836 in December 2014 to $170,922 in December 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 January 2016.
The average unit size of newly sold homes rose from 2,247 square feet a year earlier to 4,468 square feet.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 32.1% of existing home closings, below 40.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 17.0% in January from 33.3% a year earlier while REO closings as a percentage of existing home closings grew to 15.1% from 7.0%.