Freshest Numbers Show Prices of New Homes Gain in Lexington, Sales Decline
Posted on: Apr 06, 2014 07:23:45 AM
In January, the Lexington, KY market saw a fall year-over-year in new home closings, but there were suggestions of market improvement with a percentage fall less steep than in December 2013. There was a 23.1% decline in new home closings from a year earlier. This was after the housing market saw a 42.9% decline year-over-year in December.
A total of 340 new homes were sold during the 12 months that ended in January, down from 346 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 6.1% of overall housing closings. New home closings were 5.6% of overall closings last year. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $228,245 per unit in January, up 3.3%from a year earlier. This rise is smaller than the 7.7% bump in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2014, the average mortgage size was $190,913, up 8.9% from a year earlier. Average mortgage size gained 6.0% in December 2013 from a year earlier.