There was an increase in new home closings in the Elizabethtown, KY market in May year-over-year, and the increase was greater than April 2016. New home closings moved from 6 a year earlier to 11 after the figure moved from 5 in April 2015 to 9 in April 2016.
A total of 94 new homes were sold during the 12 months that ended in May, up from 89 for the year that ended in April.
11 of the 179 total closings were new home closings, a shift on a percentage basis from 6 out of 116 a year earlier. After remaining steady in April from a year earlier, closings of new and existing homes rose in May.
Pricing and Mortgage Trends
The average price of new homes was $233,300, an increase from $188,123 a year earlier. This followed a 15.6% lift in April year-over-year.
Average mortgage size on new homes went from $193,090 a year earlier to $229,894. Average mortgage size on new homes went from $168,835 in April 2015 to $204,128 in April 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 May 2016.
Foreclosures and real estate owned (REO) closings declined in May from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 28.0% of existing home closings, down from 33.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.7% in May from 19.1% a year earlier while REO closings as a percentage of existing home closings rose to 17.3% from 14.5%.