New home closings in the Lexington, KY market declined year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 18 a year earlier to 8 after the figure moved from 28 in August 2014 to 6 in August 2015.
A total of 84 new homes were sold during the 12 months that ended in September, down from 94 for the year that ended in August.
New home closings were 4.6% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 8 of the 563 total closings. Closings of new and existing homes jumped year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $291,824, down from $301,163 a year earlier. This was on the heels of a 10.3% decline in August from a year earlier.
Average mortgage size on new homes rose from $238,998 to $270,894. Average mortgage size on new homes went from $246,149 in August 2014 to $181,713 in August 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 3,623 square feet a year earlier to 1,476 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 8.6% of closings, below 11.3% a year earlier. The percentage of existing home closings involving foreclosures went from 4.6% in September 2014 to 4.3% in September 2015 and REO closings as a percentage of existing home closings dropped to 4.3% from 6.7% a year earlier.