In the Lexington, KY market in July, new home closings sank year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 28 a year earlier to 8 after the figure moved from 24 in June 2014 to 11 in June 2015.
New home closings were 8 out of the 640 total closings, down on a percentage basis from 28 of 631 a year earlier. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $227,774, compared with $295,768 last year. This came after a 14.8% drop in June from a year earlier.
The average mortgage size went down to $191,534 from $240,483 a year earlier. Average mortgage size on new homes went from $220,167 in June 2014 to $187,149 in June 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 2,038 square feet a year earlier to 1,628 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. Together, foreclosures plus REO closings accounted for 9.0% of existing home closings, down from 10.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.3% in July from 5.0% a year earlier and REO closings moved from 5.0% of existing home closings in July 2014 to 5.7% in July 2015.