There was a rise in new home closings in the Lawrence, KS market in December year-over-year, rebounding from a year-over-year decline in November 2015. New home closings moved from 5 a year earlier to 7 after the figure moved from 7 in November 2014 to 6 in November 2015.
A total of 98 new homes were sold during the 12 months that ended in December, up from 96 for the year that ended in November.
New home closings were 7 out of the 209 total closings, a move on a percentage basis from 5 of 162 a year earlier. Following a year-over-year increase in November, closings of new and existing homes also grew year-over-year in December.
Pricing and Mortgage Trends
The average new home value went from $271,155 last year to $359,769. This came after a 13.0% lift in November year-over-year.
Average mortgage size on new homes went from $227,400 a year earlier to $287,815. Average mortgage size on new homes went from $267,250 in November 2014 to $301,981 in November 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,716 square feet a year earlier to 1,911 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 10.9% of existing home closings, down from 15.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.5% in December from 8.3% a year earlier and REO closings moved from 7.0% of existing home closings in December 2014 to 6.4% in December 2015.