In the Lawrence, KS market, new home closings dropped year-over-year in July, dropping after a year-over-year increase in June 2015. New home closings moved from 11 a year earlier to 4 after the figure moved from 10 in June 2014 to 13 in June 2015.
A total of 86 new homes were sold during the 12 months that ended in July, down from 93 for the year that ended in June.
New home closings were 4.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 4 of the 301 total closings. Following a year-over-year increase in June, closings of new and existing homes also rose year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $347,127 from last year's $306,139. This came after a 4.2% surge in June year-over-year.
Average mortgage size on new homes rose from $256,813 to $277,701. Average mortgage size on new homes went from $266,525 in June 2014 to $288,088 in June 2015.
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 increased in July from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 18.2% of existing home closings, up from 10.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.4% in July from 6.0% a year earlier while REO closings as a percentage of existing home closings grew to 13.8% from 4.8%.