New home closings in the Lawrence, KS market jumped year-over-year in August, rebounding from a year-over-year decline in July 2015. New home closings moved from 6 a year earlier to 7 after the figure moved from 11 in July 2014 to 4 in July 2015.
A total of 88 new homes were sold during the 12 months that ended in August, up from 87 for the year that ended in July.
New home closings were 7 out of the 184 total closings, a move on a percentage basis from 6 of 151 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also increased year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $296,571, down from $386,160 a year earlier. This came after a 13.4% surge in July year-over-year.
The average mortgage size went down to $244,817 from $324,804 a year earlier. Average mortgage size on new homes went from $256,813 in July 2014 to $277,701 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 11.9% of existing home closings, below 13.1% a year earlier. The percentage of existing home closings involving foreclosures went from 5.5% in August 2014 to 5.1% in August 2015 and REO closings moved from 7.6% of existing home closings in August 2014 to 6.8% in August 2015.