Prices of New Homes Rise in Louisville, Sales Drop According to Recent Data
Posted on: Aug 08, 2014 11:33:57 AM
Closings of new homes fell year-over-year in April in the Louisville, KY market, but the decline was less than the year-over-year decline in March. New home closings moved from 39 a year earlier to 18 after the figure moved from 28 in March 2013 to 10 in March 2014.
A total of 176 new homes were sold during the 12 months that ended in April, down from 197 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 1.8%. This is a drop 3.1% of closings a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 15.7% rise year-over-year in April to $326,999 per unit. This hike compares to a 33.7% decline in March from a year earlier.
Average mortgage size on new homes jumped year-over-year along with new home prices. The average mortgage size rose to $252,442 in April, marking a 9.0% hike compared with a year earlier. Average mortgage size on new homes went from $281,581 in March 2013 to $204,305 in March 2014.