Freshest Numbers For Lexington Show New Home Closings and Prices Rise
Posted on: Jul 06, 2014 07:20:57 AM
In the Lexington, KY market, new home closings grew year-over-year in April, swinging upward off a decline in March 2014. New home closings saw a climb of 21.6% from the year earlier to 45. This came after a 16.7% fall year-over-year in March.
A total of 342 new homes were sold during the 12 months that ended in April, up from 334 for the year that ended in March.
Of 511 total closings, 45 were of new homes. This is an increase on a percentage basis, as new home closings were 6.1% of total closings a year ago. Following a year-over-year decline in March, closings of new and existing homes also dropped year-over-year in April.
Pricing and Mortgage Trends
In April, there was a 43.9% gain year-over-year in the average price of newly sold homes, reaching $305,426 per unit. This bump is an improvement over the 28.0% boost in March year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. It climbed to $266,231 in April, a 59.4% hike. Average mortgage size climbed 32.6% in March 2014 from a year earlier.