In April, the Lawrence, KS market saw a drop year-over-year in new home closings, falling after a rise in March 2016. New home closings moved from 8 a year earlier to 6 after the figure moved from 7 in March 2015 to 8 in March 2016.
A total of 95 new homes were sold during the 12 months that ended in April, down from 97 for the year that ended in March.
New home closings were 6 out of the 247 total closings, down on a percentage basis from 8 of 220 a year earlier. Following a decline in March year-over-year, closings of new and existing homes gained year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $333,189 from last year's $294,894. This followed a 17.8% drop in March from a year earlier.
The average mortgage size on new homes was $266,551, up from $240,719. Average mortgage size on new homes went from $347,829 in March 2015 to $278,537 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes rose from 1,724 square feet a year earlier to 1,922 square feet.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 5.4% of existing home closings, up from 5.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.5% in April from 0.5% a year earlier while REO closings as a percentage of existing home closings dropped to 2.9% from 4.7% a year earlier.