Prices of New Homes Increase in Elizabethtown, Sales Decrease According to Latest Data
Posted on: May 06, 2013 07:10:43 AM
In February, there was a drop year-over-year in new home closings in the Elizabethtown, KY market, a downhill move after a bump in January 2013. New home closings sank by 12.6% in February 2013 from a year earlier, after closings saw a 40.5% rise in January from the year earlier.
A total of 2,620 new homes were sold during the 12 months that ended in February, down from 2,645 for the year that ended in January.
Of 610 total closings, 173 were of new homes. This is an increase on a percentage basis, as new home closings were 27.1% of total closings a year ago. Following a year-over-year increase in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 4.7% rise year-over-year in the average price of newly sold homes, reaching $171,095 per unit. This rise is higher than the 2.0% rise in January year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. In February 2013, there was a 2.8% rise in the average mortgage size, reaching $161,502. Average mortgage size rose 2.3% in January 2013 from a year earlier. For new home closings, the average percentage of the price being financed fell 1.8 percentage points from a year earlier. It went from 95.4% in January 2012 to 95.6% in January 2013.