In the Elizabethtown, KY market in February, new home closings declined year-over-year, falling after remaining level in January from the year earlier. Closings stood at 5 in February after being 6 a year earlier and remaining unchanged at 5 in January from a year earlier.
A total of 87 new homes were sold during the 12 months that ended in February, down from 88 for the year that ended in January.
New home closings were 5 out of the 152 total closings, a move on a percentage basis from 6 of 163 a year earlier. Closings of new and existing homes slid year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $223,070, down from $235,650 a year earlier. This was on the heels of a 36.9% fall in January from a year earlier.
Average mortgage size on new homes increased to $237,563 from $223,253 last year. Average mortgage size on new homes went from $271,516 in January 2015 to $181,069 in January 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 February 2016.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 29.3% of existing closings, lower than 52.2% a year earlier. The percentage of existing home closings involving foreclosures stayed at 11.5% of closings in February from a year earlier while REO closings as a percentage of existing home closings slid to 17.7% from 40.8% a year earlier.