There was an increase in closings of new homes in the Lawrence, KS market in May year-over-year, rebounding from a year-over-year decline in April 2016. New home closings moved from 12 a year earlier to 14 after the figure moved from 8 in April 2015 to 7 in April 2016.
A total of 99 new homes were sold during the 12 months that ended in May, up from 97 for the year that ended in April.
14 of the 295 total closings were new home closings, a shift on a percentage basis from 12 out of 291 a year earlier. Closings of new and existing homes increased year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $312,398 from $285,241 a year ago. This was on the heels of a 1.7% lift in April year-over-year.
Average mortgage size on new homes rose from $235,539 to $249,919. It went from $240,719 to $239,826 from April 2015 to April 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,706 square feet a year earlier to 2,012 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 7.1% of existing home closings, down from 7.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.5% in May from 1.4% a year earlier while REO closings as a percentage of existing home closings declined to 4.6% from 6.5% a year earlier.