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.
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.
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 closings have moved from 98.5% of new home closings to 98.8% of closings while attached units have gone from 1.5% of closings to 1.2% of closings.
There was an 8.7% decline year-over-year in the average unit size of newly sold homes to 1,735 square feet in February 2013. The average size of newly sold homes moved from 1,814 square feet in January 2012 to 1,891 square feet in January 2013.
Foreclosures and real estate owned (REO) closings remained a drag on the market. Together, foreclosures plus REO closings made up 35.2% of existing home closings. They represented 31.5% in February 2012. The percentage of existing home closings involving foreclosures went from 16.5% in February 2012 to 17.2% in February 2013 and REO closings as a percentage of existing home closings increased to 18.1% from 15.0%.
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Source: Housing Intelligence