Prices of New Homes Increase in Elizabethtown, Sales Drop According to Latest Data
Posted on: Nov 12, 2013 07:13:38 AM
In August, the Elizabethtown, KY market saw a fall year-over-year in new home closings, and the market seemed to be worsening in light of the percentage fall steeper than July 2013. There was a 14.2% fall in new home closings from a year earlier. This came on the heels of a 6.2% drop year-over-year in July.
A total of 2,574 new homes were sold during the 12 months that ended in August, down from 2,606 for the year that ended in July.
Out of all housing closings, new home closings represented 22.1%. This is down from the a year earlier when new home closings made up 31.3% of total closings. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $178,625 in August, up 10.2% from last year. This bump is higher than the 5.1% surge in July year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In August 2013, the average mortgage size on newly sold homes saw a 8.9% hike from a year earlier. In July 2013, average mortgage size climbed 5.4% from a year earlier.