In the Elizabethtown, KY market, new home sales increased year-over-year in September, but the percentage lift was less pronounced than August 2011, indicating the market may be stabilizing. New home sales saw a hike of 35.1% from the year earlier to 250. This came after a 51.1% climb year-over-year in August.

In the 12 months ending September 2011, there were 2,559 new home sales, up from an annualized 2,494 in August.

Out of all housing sales, new home sales made up 30.7%. This is a surge from 23.4% of sales a year earlier. Following a year-over-year increase in August, sales of new and existing homes also rose year-over-year in September.

For newly sold homes, the average price increased 3.9% year-over-year in September to $157,029 per unit. This rise is a drop off from the 9.8% rise in August year-over-year.

For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. In September 2011, average mortgage size declined 4.3% from a year earlier to $138,955. Average mortgage size gained 22.4% in August 2011 from a year earlier.

The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. Single-family home sales rose from 98.4% of new sales in September 2010 to 99.6% of sales in September 2011. Meanwhile, attached units as a percentage of all new home sales slid to 0.4% of sales from 1.6% of sales.

For all new homes sold, the average unit size rose 6.3% year-over-year to 1,781 square feet in September 2011. An increase in both the average size and price of newly sold homes was also seen in August 2011 when average size increased 3.2% to 1,761 square feet.

Foreclosures and real estate owned (REO) sales remained a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 25.8% of sales. In September 2010, they made up 35.1% of sales. Foreclosures fell to 15.8% of existing home sales in September from 18.8% a year earlier while REO sales slipped to 10.1% of existing sales from 16.3% of sales a year earlier.

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