Prices of New Homes Rise in Lexington, Sales Decline According to Recent Data
Posted on: Mar 06, 2014 07:24:06 AM
New home closings dropped year-over-year in December in the Lexington, KY market, curving down after an increase in November 2013. New home closings saw a 42.9% fall from a year earlier to 20. This followed a 9.5% hike year-over-year in November.
A total of 346 new homes were sold during the 12 months that ended in December, down from 361 for the year that ended in November.
Out of all housing closings, new home closings represented 5.5%. This is down from the a year earlier when new home closings made up 9.1% of total closings. Following a year-over-year rise in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
In December, the average price of newly sold homes gained year-over-year to $239,466 per unit, a 7.7% boost. This surge follows a move from $247,052 per unit to $247,344 from November 2012 to November 2013.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. The average mortgage size saw a 6.0% lift year-over-year to $205,353 in December. In November 2013, average mortgage size slid 5.7% from a year earlier.