Recent Figures Show New Home Prices Increase, Sales Fall in Louisville
Posted on: Jul 06, 2014 07:21:57 AM
In the Louisville, KY market, new home closings fell year-over-year in March, a move downward following a surge in February 2014. Closings sank 1.5% from a year earlier to 65. This was after the housing market saw a 2.6% rise year-over-year in February.
A total of 801 new homes were sold during the 12 months that ended in March, down from 802 for the year that ended in February.
Out of all housing closings, new home closings represented 6.7%. A year earlier, new home closings represented 6.1% of total closings. Closings of new and existing homes slid year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 5.1% year-over-year in March to $320,867 per unit. This bump is smaller than the 14.8% boost in February year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In March 2014, the average mortgage size was $261,363, up 4.3% from a year earlier. In February 2014, average mortgage size on newly sold homes saw a 10.9% lift year-over-year from a year earlier.