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Elizabethtown, KY - Recent New Home Sales Numbers Suggest Market Drop is Slowing

Posted on: Feb 06, 2012 09:19:57 AM

In November, there was a decline year-over-year in new home sales in the Elizabethtown, KY market, but with a percentage decline less steep than October 2011, there are suggestions the market may be leveling out. Sales fell 3.4% from a year earlier to 196. This came after a 6.2% decline year-over-year in October.

A total of 2,531 new homes were sold during the 12 months that ended in November, down from 2,538 for the year that ended in October.

As a percentage of overall housing sales, new home sales made up 31.7%. This marks a rise from 26.2% of total sales a year earlier. Following a year-over-year decline in October, sales of new and existing homes also fell year-over-year in November.

Pricing and Mortgage Trends

The average price of newly sold homes rose year-over-year 9.0% in November to $161,915 per unit. This rise is an improvement over the 4.4% rise in October year-over-year.

The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size increased 9.6% to $147,130 in November from a year earlier. Average mortgage size rose 20.8% in October 2011 from a year earlier.

Other Market Trends

There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home sales have moved from 98.5% of new home sales to 99.5% of sales while attached units have gone from 1.5% of sales to 0.5% of sales.

The average unit size of newly sold homes grew 25.9% year-over-year to 2,099 square feet in November 2011. An increase was also seen in October 2011 when the average size of new homes sold gained 14.4% to 2,028 square feet.

Foreclosures and real estate owned (REO) sales remained level in November from a year earlier, but remained a burden on the market. Combined, foreclosures plue REO sales represented 31.7% of existing home sales, relatively unchanged from a year earlier. The percentage of existing home sales involving foreclosures rose to 21.3% in November from 13.3% a year earlier while REO sales as a percentage of existing home sales fell to 10.4% from 18.5% a year earlier.

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