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Elizabethtown, KY - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January

Posted on: May 06, 2012 09:25:13 AM

There was an increase in sales of new homes in the Elizabethtown, KY market in February year-over-year, swinging upward off a decline in January 2012. Sales gained 27.4% from a year earlier to 186, relative to a 22.6% drop in January from the year earlier.

A total of 2,538 new homes were sold during the 12 months that ended in February, up from 2,498 for the year that ended in January.

Of 697 total sales, 186 were of new homes. This is better than the 22.7% of sales a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.

Pricing and Mortgage Trends

The average price of new homes rose year-over-year in February to $164,593 per unit, a rise of 9.3%. This rise is an improvement over the 6.9% rise in January year-over-year.

Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 9.1% rise year-over-year to $158,355 in February. Average mortgage size increased 7.5% in January 2012 from a year earlier. For newly sold homes, the percentage of sale price being financed moved to 96.2% from a year earlier figure of 96.4%. It moved from 94.8% in January 2011 to 95.3% in January 2012.

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 99.3% of new home sales to 98.4% of sales while attached units have gone from 0.7% of sales to 1.6% of sales.

There was a 1.8% decline year-over-year in the average unit size of newly sold homes to 1,669 square feet in February 2012. The average size of newly sold homes moved from 1,735 square feet in January 2011 to 1,870 square feet in January 2012.

Foreclosures and real estate owned (REO) sales declined in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales accounted for 30.5% of existing home sales, below 40.6% a year earlier. The percentage of existing home sales involving foreclosures dipped to 16.6% in February from 20.7% a year earlier while REO sales as a percentage of existing home sales fell to 13.9% from 19.9% a year earlier.

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