Freshest Figures Show New Home Sales and Prices Gain in Louisville
Posted on: Mar 06, 2014 07:25:11 AM
In the Louisville, KY market, new home closings jumped year-over-year in November, but with an increase less steep than that of October 2013, the market seemed to be showing signs of stabilizing. There was a 33.3% climb in new home closings from a year earlier. This was after the housing market saw a 81.6% jump year-over-year in October.
A total of 792 new homes were sold during the 12 months that ended in November, up from 777 for the year that ended in October.
Out of all housing closings, new home closings accounted for 5.8%. This is better than the 4.3% of closings a year earlier. After rising in October from a year earlier, closings of new and existing homes stayed steady in November.
Pricing and Mortgage Trends
The average price of newly sold homes gained year-over-year 21.0% in November to $304,384 per unit. This hike is smaller than the 23.4% surge in October year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In November 2013, the average mortgage size was $227,073, up 14.3% from a year earlier. In October 2013, average mortgage size increased 39.5% from a year earlier.