Closings of new homes grew year-over-year in January in the Lawrence, KS market, and the increase was greater than December 2015. New home closings moved from 4 a year earlier to 8 after the figure moved from 5 in December 2014 to 7 in December 2015.
A total of 102 new homes were sold during the 12 months that ended in January, up from 98 for the year that ended in December.
New home closings were 8 out of 114 total closings, making up 7.0%. This is up on a percentage basis from 4 of 147 a year earlier. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average new home value went from $198,656 last year to $468,337. This came after a 32.7% gain in December year-over-year.
Average mortgage size on new homes increased to $385,534 from $172,814 last year. Average mortgage size on new homes went from $227,400 in December 2014 to $287,815 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes fell from 1,869 square feet a year earlier to 1,184 square feet.
Foreclosures and real estate owned (REO) closings increased in January from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 15.1% of existing home closings, up from 10.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.5% in January from 2.8% a year earlier while REO closings as a percentage of existing home closings sank to 6.6% from 7.7% a year earlier.