Closings of new homes slid year-over-year in April in the Lexington, KY market, but the decline was less than the year-over-year decline in March. New home closings moved from 17 a year earlier to 8 after the figure moved from 31 in March 2015 to 7 in March 2016.
A total of 223 new homes were sold during the 12 months that ended in April, down from 232 for the year that ended in March.
Last year, 17 of 316 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 514 total closings. Closings of new and existing homes grew year-over-year in April following a decline in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $272,816, down from $304,957 a year earlier. This came after a 9.2% drop in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $236,065 to $226,731. Average mortgage size on new homes went from $232,894 in March 2015 to $191,483 in March 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,443 square feet a year earlier to 2,722 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 9.3% of existing home closings, below 11.4% a year earlier. The percentage of existing home closings involving foreclosures went from 4.7% in April 2015 to 3.8% in April 2016 and REO closings as a percentage of existing home closings sank to 5.5% from 6.7% a year earlier.