Louisville, KY - Newest New Home Sales Increase Year-Over-Year in January After Falling Year-Over-Year in December
Posted on: May 07, 2012 09:25:30 AM
There was a rise in sales of new homes in the Louisville, KY market in January year-over-year, swinging up after a decline in December 2011. New home sales saw a 21.2% climb from a year earlier to 40. This followed a 12.3% decline year-over-year in December.
A total of 623 new homes were sold during the 12 months that ended in January, up from 616 for the year that ended in December.
As a percentage of overall housing sales, new home sales accounted for 5.9% of overall housing sales. New home sales were 5.0% of overall sales last year. Following a drop in December year-over-year, sales of new and existing homes increased year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes declined 9.1% year-over-year to $263,565 per unit. This decline follows a move from $267,313 per unit to $264,979 from January 2010 to December 2011.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. Average mortgage size dropped by 17.6% from a year earlier, settling at $195,249 in January. In December 2011, average mortgage size rose 9.0% from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 7.7 percentage points year-over-year to 74.1% in January 2012. This was a swing downward after a 7.4 percentage point rise in December from a year earlier.