New Home Closings and Prices in Louisville Increase According to Freshest Figures
Posted on: Dec 06, 2013 07:27:52 AM
Closings of new homes increased year-over-year in August in the Louisville, KY market, but with a less pronounced percentage lift than July 2013, there are suggestions of market stabilization. There was a 20.3% climb in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 31.5% jump year-over-year in July.
A total of 726 new homes were sold during the 12 months that ended in August, up from 711 for the year that ended in July.
New home closings made up 6.0% of overall housing closings. New home closings were 5.1% of overall closings last year. Closings of new and existing homes grew year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price gained 14.0% year-over-year in August to $323,997 per unit. This hike is an improvement over the 10.7% bump in July year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In August 2013, the average mortgage size was $250,356, a 1.3% lift from a year earlier. Average mortgage size increased 13.3% in July 2013 from a year earlier.