In March, there was an increase in closings of new homes in the Lawrence, KS market year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 7 a year earlier to 8 after the figure moved from 10 in February 2015 to 4 in February 2016.
A total of 97 new homes were sold during the 12 months that ended in March, up from 96 for the year that ended in February.
8 of the 198 total closings were new home closings, a shift on a percentage basis from 7 out of 202 a year earlier. After rising year-over-year in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $348,171, down from $423,536 a year earlier. This came after a 10.2% drop in February from a year earlier.
Average mortgage size on new homes fell from $347,829 to $278,537. Average mortgage size on new homes went from $326,994 in February 2015 to $275,539 in February 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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 12.6% of existing closings, lower than 13.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.9% in March from 4.1% a year earlier while REO closings as a percentage of existing home closings declined to 3.7% from 9.2% a year earlier.